Some individuals or families can become completely saturated with a service such as television. This suggests that
a. wants are limited
b. desires for a single commodity can be satisfied but then the focus will switch to other goods and services
c. a highly productive economy may someday be able to satisfy all human desires
d. resources are not truly fixed in supply as we generally assume
e. scarcity does not exist
B
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Which of the following statements is true?
A) A higher wage can raise profits if productivity is directly proportional to wages. B) A higher wage can reduce the quantity supplied of labor. C) A higher wage can increase the quantity demanded of labor. D) A higher wage can raise profits if productivity of workers is fixed.
In a perfectly competitive market with 75 non-identical firms producing at market price p1
A) the supply curve is flatter than if there were only 35 identical firms. B) the supply curve is more elastic than if there were only 25 identical firms. C) the supply curve is more inelastic than if the firms were identical. D) All of the above.