A typical economic good has which one of the following characteristics?
A) The desired quantity exceeds the quantity available at a zero price.
B) The quantity available exceeds the desired quantity at a zero price.
C) It uses no resources to produce.
D) It is never scarce.
A
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Which of the following could explain why hockey players earn such high income?
a. All of the following are correct. b. Average careers are very short; the chances of being unemployed are greater than in many other jobs. c. The income effect encourages them to work more as the wage increases. d. Many people want to become hockey players. e. The threat of injury makes the job more exciting than other jobs.
Assume a market is perfectly competitive. When a new producer enters the market, the
a. price in the market increases. b. price in the market decreases. c. price in the market does not change. d. market is no longer a competitive market.