Because of scarcity, rationing is
A) unimportant because people get what they want.
B) necessary because people cannot get everything they want.
C) unimportant because prices clear markets.
D) not a problem because governments can determine what everybody wants.
Answer: B
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If the supply curve of a product changes so that sellers are now willing to sell 2 additional units at any given price, the supply curve will
A) shift leftward by 2 units. B) shift rightward by 2 units. C) shift vertically up by 2 units. D) shift vertically down by 2 units.
According to the theory of creative destruction, the greatest threat to a monopolist producer of electric typewriters is likely to be
a. government regulation b. international competition c. the entry of new electric typewriter producers d. growth in the computer industry e. stockholders demanding increased efficiency