For an efficient outcome, MR must exceed MC

If the Consumer Price Index last year was 110 and 115 this year, the inflation rate is approximately

A) 4.5 percent. B) 5.0 percent. C) 10.0 percent. D) 15.0 percent.

Every society must deal with the problem of scarcity because:

a. people do not have enough money to buy everything they need. b. government levies heavy taxes on households and firms. c. human beings become satiated as consumption increases. d. human wants are nearly unlimited relative to the availability of resources. e. productive resources, technology, and labor are unlimited.