Scarcity means
A) wants are greater than the limited resources available to satisfy these wants.
B) wants are less than the limited resources available to satisfy these wants.
C) resources are infinite.
D) wants are limited.
E) both c and d
A
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One of the assumptions underlying the production possibilities curve is that
A) at least one of the factors of production is a free good. B) the quantity of the resources available for the production of economic goods is fixed over a given time period. C) there is at least one factor of production that is employed inefficiently. D) some of the factors of production are not being used.
Refer to the above figure for a particular good. The rightward shift of the curve could have been caused by
A) a decrease in the price of an input. B) a decrease in the price of that good. C) an increase in the price of a complementary good. D) an increase in the price of a substitute good.