Scarcity refers to the situation in which
A) unlimited wants exceed limited resources.
B) a country's population is larger than its resource base.
C) a nation's poverty level increases faster than its population.
D) unlimited resources exceed limited wants.
A
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Comparing the distribution of wealth of the wealthiest 1% of the population in the United States before and after the recent Great Recession to what occurred before and after the Great Depression,
A) the percentage of the wealth of the wealthiest 1% increased after the recent Great Recession, unlike what happened after the Great Depression. B) the percentage of the wealth of the wealthiest 1% increased after the recent Great Recession, similar to what happened after the Great Depression. C) the percentage of the wealth of the wealthiest 1% declined after the recent Great Recession, unlike what happened after the Great Depression. D) the percentage of the wealth of the wealthiest 1% declined after the recent Great Recession, similar to what happened after the Great Depression.
The term strategy in terms of game theory refers to
a. the relationship between price and marginal cost b. the relationship between individual firm demand curves and the market demand curve c. each firm's game plan in making decisions d. the interrelationship between price and marginal revenue e. the tendency for collusive firms to generate normal profits