Scarcity exists because
A) society and people are greedy and wasteful.
B) our wants exceed the resources available to satisfy them.
C) of the inefficient choices we make.
D) poor people need more food and other goods.
B
Economics
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In the above figure, what is the opportunity cost of one bushel of soybeans?
A) 1 bushel of corn B) 0.5 bushels of corn C) 2 bushels of corn D) unable to determine
Economics
Suppose that the demand for pizza is inelastic. If a pizzeria decided to lower the price of pizza, total revenue would
A) increase. B) decrease. C) stay the same. D) be maximized.
Economics