Scarcity means that:
a. human desires are limited
b. resources are insufficient to satisfy all human desires.
c. choices are unnecessary.
d. all but the very wealthy must face choices.
b
Economics
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A firm uses labor and capital. To tell if the firm is technologically efficient, you
A) do not need to know the cost of labor or the cost of capital. B) need to know the cost of capital but not the cost of labor. C) need to know the cost of labor and the cost of capital. D) need to know the cost of labor but not the cost of capital.
Economics
The formula for the multiplier is
Economics