The most basic concept in economics is
A) wealth.
B) income.
C) scarcity.
D) human need.
Answer: C
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In assessing the difference between monopoly performance and that of perfect competition, the best approach is to
a. measure the output of the monopolist and the output of the perfectly competitive firm. b. measure the output of the monopolist and the output of the perfectly competitive industry. c. measure the output purchased by consumers from the monopolist and from the perfectly competitive firm. d. calculate the marginal cost of the monopolist and of the perfectly competitive firm.
Which of the following is an important lesson to keep in mind during benchmarking?
A. Differences in environments of the benchmarked firms are not important. B. Benchmarked firms should be made aware of the said firm's motivation. C. Differences in the strength and activities of the labor unions should be taken into account. D. Differences in environments of the benchmarked firms should be taken into account.