In an efficient market, a scarce good generally has a ____ than a less-scarce good
a. higher price
b. higher total utility to consumers
c. more even distribution across income classes
d. lower price in off-peak periods
a
Economics
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Which of the following is an example of a market that meets all four conditions for perfect competition?
(A) Books (B) Jeans (C) Wheat (D) Bagels
Economics
Isoquants are convex to the origin due to:
A) the law of diminishing marginal utility. B) the assumption of the diminishing marginal productivity of each input. C) the fact that as less capital is used, its marginal productivity falls. D) the fact that as more labor is used, its marginal productivity rises.
Economics