Which of the following statements regarding the basic economic problem of scarcity is correct?
a. The problem only exists in countries that are not highly industrialized.
b. The problem is likely to disappear as production increases.
c. The problem is sure to disappear as technology improves.
d. The problem will exist as long as resources are available in limited amounts.
e. The problem will disappear as a person's income falls.
D
Economics
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Refer to the figure above. What is the optimal number of machines rented if the market rental price is $8 per month?
A) 20 machines B) 40 machines C) 160 machines D) 180 machines
Economics
At the market clearing price
A) there is neither a shortage nor a surplus. B) quantity supplied equals quantity demanded. C) the supply and demand curves intersect. D) all of the above are correct.
Economics