d. society is getting the maximum benefits from its scarce resources. The American Red Cross, the United Way, the Smithsonian Institution, the Girl Scouts, and even the U.S. Olympic Committee are just a few of the better-known national nonprofits, but there are many more in almost every community in the country. For which of the following problems can well-designed public policy (government intervention) enhance economic efficiency? A)bread B)baseballs autographed by Babe Ruth C)motorcycles D)All of the above are correct. a. most economies' production methods are not very good. Which of the following products would be considered scarce? Which of the following products would be considered scarce? https://www.flickr.com/photos/zngg/537603811/. Economics is the study of a. production methods. TOP: ScarcityMSC: Interpretive 12. a. land. The following production possibilities frontier illustrates society's trade-offs between spending money on two, 1. d. are not making a rational decision since the marginal benefits of college outweigh the marginal costs of college for high school athletes. i.e., sells products both, Suppose Time Warner could sell Showtime for $9, and History channel for $8, while making Showtime-History bundle available for $13. The "what question primarily refers to: The set of goods and services that are produced b. At any moment in time, there is a finite amount of resources available. . Therefore they b. how society manages its scarce resources. a. Nike shoes b. Monet paintings c. 1-carat diamonds d. All of the above are correct.2 Chapter 1/Ten Principles of Economics d. All of the above are correct . a. Kate chooses to work overtime to earn extra income for her family. Trade between countries tends to a. reduce competition and increase specialization. d. all costs are included in the price of the product. b. how society manages its scarce resources. This indicates. Even when the number of resources is very . Which of the following products would be considered scarce? b. increasing the production of one good by x units entails a constant opportunity cost in terms of the other good. The adage, "There is no such thing as a free lunch," is used to illustrate the principle that, 16. Suppose an economy only produces two goods, robots and ice cream. Mandys cost of going, 5. What is Scarcity? Best Answer. a.a decrease in the price of wool shirts and a decrease in the price of raw cotton, A-increase in demand and movement along the supply curve. What assessment. In addition, this study examined how the intention to watch mukbangs . The combination of a low price, relative to the buyers spending power, and the fact that the product is sold by many different suppliers in a competitive market, make the demand highly elastic. An introduction to the concepts of scarcity, choice, and opportunity cost. This is an example of, c.a market failure caused by an externality, The price of diamonds is high, in part because the majority of the worlds diamonds are controlled by a single firm. We reviewed their content and use your feedback to keep the quality high. Picasso paintingsc.applesd. Question: 1. Then an increase in the price of coffee will cause a(n). Answer the question(s) below to see how well you understand the topics covered in the previous section. cyanotter925. d. baseballs autographed by Babe Ruthd. A. If oranges and grapefruit are close substitutes, an increase in the price of oranges will shift the demand curve of. There are often many stations in a small geographic area that are equally convenient. Which of the following will shift the demand curve for milk? 10. Which of the following goods would be considered scarce? a. society is conserving resources in order to save them for the future. True or false: Economists classify economic resources into land, labor, money, and entrepreneurial ability. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. Which of the following business products would be considered an accessory in asupermarket? Compressor pumps installed in General Electric refrigerators would be considered: Component parts are built into the final product. One example of a product that would be considered scare would be Diet Cola with lemon in it. Scarcity is a fundamental term in economics and describes how the availability of supplies, raw materials or employees is crucial to producing goods and services and setting their price. Aldi is a no-frills grocery chain. Animals are widely seen as resource for humans, and as such pangolins,. B. marginal benefit is greater than the marginal cost. Because you understand economic principles, you say that market-determined prices are better because they generally reflect a.the value of a good to society, but not the cost of making it. In most societies, resources are allocated by, 15. Which product would be considered scarce. convention discussed the development of a viable ____ strategy for pain medications. Demand for such products ismore inelastic. An increase in the expected future price of a good by consumers would, other things, equal, increase the current price and increase the current quantity exchanged, Assume that airline travel is a normal good and intercity bus travel is an inferior good. Wiki User. b. the cost of living is always increasing, d. all costs are included in the price of the product, a. society is conserving resources in order to save them for the future, b. society's goods and services are distributed equally among society's members, c. society's goods and services are distributed fairly, though not necessarily equally, among society's members. Diet Cola with lemon in it. a.bread b.motorcycles c.baseballs autographed by Babe Ruth d.All of the above are correct. Which of the following is a principle concerning how people interact? Increasingly, students have new options to buy the same textbooks from different distribution channels at different price points. She earns $20 per hour for overtime work. c. scarce for house holds and scarce for economies. Suppose we observe an increase in the price of oranges. What techniques would a social worker use to engage the client? when only the richest people in the economy can buy all they want of the good, the need of somthing or if the countries work together and arent Abada Colleges - Pinamalayan, Oriental Mindoro, QUIZ 1 CHAPTER 1 ECONOMY Macroeconomics Principles of Macroeconomics.docx, Which of the graphs above shows an increase in demand a A b B c C d D 24 Which, This suggests that the CBI really is nothing more than an orally administered, seminar report (6G technology)-meraj.docx, Constitutional vs. Modern Separation of Powers.docx, same signal might be a false alarm Carpenter who has returned to Peter Lake for, Work his way over the edge and into a good L shaped body position Look over his, IT118=44 COURSE INFORMATION IT118 SPRING 2022 (3).docx, It refers to the assumptions values and practices of people in the West and some, Copy of Birds and Homeostasis Worksheet 3_31.docx, If a major hurricane devastated industry in the eastern United States, the result would most likely cause an increase in aggregate demand. Efficiency means that: Definition. Arab Academy for Science, Technology & Maritime Transport, Massey University (Wellington / Palmerston North), Final_Exam_Practice_Questions_and_Answers_2011.pdf, University of KwaZulu-Natal - Pietermaritzburg, Back a few years ago my grandmother invited me to a birthday party that was, How do you know your plan is a good one and if it is delivering as expected One, AVOIR and Idioms and ER verbs REVISION pour les Quiz (1).docx, 10 44 A computer has very low failure rate because it uses electronic components, Pt Cuaire Quebec H9R 1C0 Telfono 514 695 2402 FAX 514 695 8917 Oficina, 6 A nurse is admitting an older adult patient with heart failure who is too, PHI 350 midterm study questions Summer 2021 (2).docx, INTERNET_APPLICATION_PROGRAMMING_(BBIT_325-CISY_311)_3RD_TRIMESTER_2018.docx, Pressure to conform Conformity causes team members to suppress their dissenting, Example Part II Diet Analysis Assignment (1).docx, A If the FDI is a substitute for exports of goods or services the effect can be, 2 This is a true statement and often a concern of parents TestBankWorldorg 3, Two CE stages are coupled through a capacitor To calculate the quiescent base, Chapter 6_ Introduction to Macroeconomics and Gross Domestic Product.pdf, june_2022_cape_pure_matnematics_u2_p032.pdf, Suppose you were planning to spend the day watching a marathon of your favorite TV show, When your friends invites you to party. d. plentiful for households and plentiful for economies. As a, result, smokers who live in Wyoming start purchasing their cigarettes in surrounding states. answer choices . You notice she appears disheveled and markedly thin. Pick a nonprofit organization that you know of and answer the following questions about it: d) Why do you think the government doesn't require this organization to pay taxes? Which of the following demonstrates the law of supply? Taxes points O Currency eBook Government assistance Print Entrepreneurial ability References Saved Help Save & Exit Submit Marginal Benefits and Costs in Equilibrium Exercise 1 . Which of the following products would be considered scarce? This situation requires people to make decisions about . c. communicating that information to management. Previous question Next question This problem has been solved! In the long run, though, more options are available, such as purchasing a more fuel-efficient car or choosing a job thatis closer to where you work. When is a good considered scarce in a society? goods. c. understand that the opportunity cost of attending college is very high. All Rights Reserved. a. air b. water in the ocean c. water in a city d. wood in a forest C. Which of the following products would be considered scarce? Course Hero is not sponsored or endorsed by any college or university. (0.5 point). Economics is the study of how society manages its a.unlimited wants and unlimited resources. One example of a product that would be considered scare would be the cost of rent for your off campus apartment, takes an action only if the marginal benefit of that action exceeds the marginal cost of that action, buildings and machines used in the production process, The production possibilities frontier is a graph that shows the various combinations of output that an economy, outside its production possibilities frontier, Production is efficient if the economy is producing at a point, When an economy is operating inside its production possibilities frontier, we know that, there are unused resources or inefficiencies in the economy, produce inside its production possibilities frontier, Production possibilities frontiers are usually bowed outward. 3. Score: 0/3.33 7. 11. Suppose the state of Wyoming passes a law that increases the tax on cigarettes. B. She came to see you to help her with sudden depression, As a response to structural unemployment due to AI (artificial intelligence), Democratic Presidential candidate Andrew Yang proposes "the Freedom Dividend," a universal income of $1000/month per, Last year Hamdi Corp. had sales of $500,000, operating costs of $450,000, and year-end assets (which is equal to its total invested capital) of $435,000. answer choices . Physical products that can be purchased are called _____. b.neither the value of a good to society nor the cost of making it. During the last few decades in the United States, health officials have argued that eating too much beef might be harmful to human health. Suppose an economist develops a theory that higher food prices arise from higher gas prices. By, controlling expenses, Aldi customers can expect to save 30 to 50 percent compared to, Kroger customers. b. plentiful for households but scare for economies. Which of the following will definitely cause an increase in the equilibrium price? Buyers can often choose not to travel if the cost is too high or substitute travel by car or train. Should it use mixed bundling. Microeconomics focuses on how individuals, households, and firms make those decisions. d.Shawn has a comparative advantage in the production of donuts. It may be helpful to remember that when the buyer is insensitive to price, demand is inelastic. In each of the following cases, determine whether the sample size nnn is large enough to say that the sampling distribution of p^\hat{p}p^ is a normal distribution. A. when more output of the good is possibleB. Markets are usually a good way to organize economic activity. Which of the following is an example of something economists study? D. All of the above are correct. Only Taylor Swift can offera Taylor Swift concert. only 3% of total water found on earth. If she goes to college, she will spend. 2. d. Individual consumers, concerned about their own health, decreased their demand for beef, which lowered the equilibrium price of beef, making it less attractive to produce. b. society's goods and services are distributed equally among society's members . Table 1. Teresa is an 80-year old woman who you are seeing in an intake counseling session. b.falls, the quantity demanded of the good rises. d. Individual consumers, concerned about their own health, decreased their demand for beef, which lowered the equilibrium price of beef, making it less attractive to produce. Education, b. e. all of the above A. b. increasing unemployment These scarce resources include. C. a. scarce for households but plentiful for economies. b. baseballs autographed by Babe Ruth . b.limited wants and unlimited resources. Which of. a.allows specialization, which reduces costs. Chapter 1-Ten Principles of Economics.doc, Which of the graphs above shows an increase in demand a A b B c C d D 24 Which, Atomic radius is a Half the distance between 2 nuclei of the same atom b The, ing authority to regulate the profession Accordingly it takes the approach of i, HYPERGLYCEMIC MEDICATIONS 8 they reduce body weight and BP without increasing, AP Stats Overview Marking Period 6 Week 3.docx, Page 168 Page 168 are a persons enduring favorable are a persons enduring, SITXWHS004 Assessment 2 -Presentation and Evaluation (19).docx, _Some top selfie spots to visit on the IU campus.pdf, 5 Mark Twain is alive and we can combine them to say 6 Mark Twain is alive and, Student Hours of Study 1 0 2 3 3 3 4 5 5 3 6 5 7 1 8 4 9 2 10 3 11 4 12 6 13 2. A rational decision maker takes an action only if the. a decrease in the price of apples, a substitute. create, study and share online flash cards, Click here to study/print these flashcards. All natural, human, and manufactured goods that go into the production of goods and services are considered society's _____ economic resources. When calculating the cost of college, which of the following should you probably not include? Which of the following is correct? If the supply of a product increases, then we would expect equilibrium price. A. c. reduce both competition and specialization. Question 3. be desirable. The phrase "no such thing as a free lunch" means a. People must face tradeoffs. b.exactly equals the quantity that sellers are willing and able to sell. ANS: DDIF: 2REF: 1-0 d. All of the above are correct . Most businesses use scarce resources to produce goods and services in hopes of earning a profit for their owners. . d. all the above are correct. Describe how financial leverage can increase retun on owners' equity. a. obviously do not understand the value of a college education. c.unlimited wants and limited resources. An increase in demand combined with a decrease in supply, an increase in income causes the demand for a to increase, If turnips are an inferior good, then, an increase in income will cause, A decrease in quantity demanded is represented by, a movement upward and to the left along the demand curve, the quantity demanded exceeds the quantity supplied at the current price, The fact that a decline in the price of a good causes producers to reduce the quantity of the good they plan to produce illustrates. An increase in the cost of machinery used to produce x, If a producer can use its resources to produce either good a or good b, then a and b are, Fundamentals of Engineering Economic Analysis, David Besanko, Mark Shanley, Scott Schaefer, Statistical Techniques in Business and Economics, Douglas A. Lind, Samuel A. Wathen, William G. Marchal, Alexander Holmes, Barbara Illowsky, Susan Dean. $20,000 on tuition, $10,000 on room and board, and $2,000 on books. a. even people on welfare have to pay for food. With these considerations in mind, take a moment to see if you can figure out which of the following products have elastic demand and which have inelastic demand. As the Social Worker, you will want to ask the client questions. an increase in employment. wants. Which of the following products would be considered scarce? 1. b. Accessories do not have the same long-run impact on the firm as installations. a. hairpins b. Tesla cars c. notebooks d. all of the above are scarce goods Scarcity and Economics: Economics studies the allocation of. D. all of the above except for b. Which of the following is a principle concerning how people interact? Which of the following best explains the decrease in production? While black coffee is available almost universally, there are few substitutes for a Starbucks Java Chip Frappuccino. Copy. (0.5 point). a. automobiles b. baseball autographed by Babe Ruth c. pickles d. all of the above correct d. all of the above Economics is the study of a. production methods. when everyone in that society cannot have all they want of the goodC. Economics is the study ofa.production methods. If the federal government increases the minimum wage by $1.00 per hour, then it is likely that the. 2. The adage, "There is no such thing as a free lunch," is used to illustrate the principle, 4. 2020-2023 Quizplus LLC. A. Markets are usually a good way to organize economic activity. C. People respond to incentives. Gold, c. Time, d. All of the above are scarce goods. c. machines. Student Response Correct Answer Feedback A. plastic bags B. cash register andscanning equipment C. Styrofoam trays for meat D. fluorescent lights E. price stickers General Feedback: Accessories do not have the same long-run impact on the . d. the economy is engaged in trade with at least one other economy. Economists use the phrase "There is no such thing as a free lunch," to illustrate the principle that, 18. answer choices . a. In, other words, the society faces a tradeoff between, Guns and butter are used to represent the classic societal tradeoff between spending on. Which of the following products would be considered scarce? Rational people think at the margin. The costs for different customer loads are: 1 customer: $30 2 customers: $32 3, Suppose your company runs the shuttle business for a hotel to and from the local airport. Which of the following is not one of the basic economic questions that each society must answer! Which of the following products would be considered scarce? Which of the following products would be considered scarce? breadc. Which of the following products would be considered scarce in economics? Which of the following correctly describes how price adjustment eliminates a shortage? There are unlimited wants for these resources, but there are A relatively inexpensive item that requires very little shopping effort is called a ____. Suppose buyers of coffee and sugar regard the two goods as complements. A. d. All of the above are correct . Because you understand economic principles, you say that market-determined prices are better because they generally reflect. A. We would expect a. b.surplus to exist and the market price of roses to decrease. a. bread O b. baseballs autographed by Babe Ruth c. motorcycles d. All of the above are correct. A society allocates its scarce resources to various jobs. D. All of the above are correct . This short quiz does not count toward your grade in the class, and you can retake it an unlimited number of times. A. automobiles B. baseballs autographed by Babe Ruth C. pickles D. all of the above are correct D. all of the above are correct The adage, "There is no such thing as a free lunch," means people face tradeoffs Efficiency means that Rational people think at the margin. If these two countries specialize and trade so as to maximize the benefits of specialization and trade, then, Jamaica and Norway can switch between producing coolers and producing radios at a constant rate. A strategy of charging a high introductory price for a new product that invites eventual, The Springwood Inn offers a package of room, breakfast, and parking for $225.00. In most societies, resources are allocated by, The adage, "There is no such thing as a free lunch," is used to illustrate the principle that, Which of the following statements best represents the principle represented by the adage, "There is no such, The principle that "people face tradeoffs" applies to, A typical society strives to get the most it can from its scarce resources. c.widgets and wigwams are complementary goods. (0.5 point). (0.5 point). when the government restricts production of the goodD. All of the above are correct. Term. Which of the following products would be considered scarce? 6. Generally an instructor assigns a textbook to the student, and the student who wants access to the learning materials must buy it, regardless of the price level. Rational people think at the margin. In general, products that significantly affecthealth and well-being have inelastic demand. d. supply of bicycles will shift to the left. Government officials, concerned about consumer health, ordered beef producers to produce relatively less beef. you should include only the amount by which your room-and-board expenses exceed the expenses for rent and food if you were not in college. Soft drinks and many other nonessential items have highly elastic demand. d.limited wants and limited resources. be limited in quantity. Scarcity is a fundamental term in economics and describes how the availability of supplies, raw materials or employees is crucial to producing goods and services and setting their price. Which product would be considered scarce? You hear on the news that 50 percent of the peanut crop in the South has been wiped out by drought and that this will cause the price of peanuts to double by the end of the year. Last month, the economy produced 10 robots and 200 gallons of ice cream. d. Explore our library and get Economics Homework Help with various study sets and a huge amount of quizzes and questions, Find all the solutions to your textbooks, reveal answers you wouldt find elsewhere, Scan any paper and upload it to find exam solutions and many more, Studying is made a lot easier and more fun with our online flashcards, Try out our new practice tests completely, 2020-2023 Quizplus LLC. Whether the goods are produced under a communist system or a democratie wystem d. Who gets what 5. 10+ million students use Quizplus to study and prepare for their homework, quizzes and exams through 20m+ questions in 300k quizzes. Watch mukbangs you are seeing in an intake counseling session choice, and entrepreneurial ability 1-0. Eliminates a shortage which of the following products would be considered scarce? society manages its scarce resources include want to ask client! Hour for overtime work is conserving resources in order to save 30 to percent! A profit for their homework, quizzes and exams through 20m+ questions in 300k quizzes or democratie... Into land, labor, money, and opportunity cost wage by $ per. Curve for milk that can be purchased are called _____ phrase & quot ; no thing! Is the study of how society manages its a.unlimited wants and unlimited resources sugar regard the two goods complements! Economies ' production methods are not very good communist system or a democratie d.. In that society can not have the same long-run impact on the firm as installations pain medications,,... Share online flash cards, Click here to study/print These flashcards for the future course is! Class, and entrepreneurial ability to various jobs about consumer health, ordered beef producers to produce less! Price of the following products would be considered scarce and able to sell previous Next... Affecthealth and well-being have inelastic demand the social worker use to engage the client.... Available almost universally, there is no such thing as a free lunch, '' is used to the... Same textbooks from different distribution channels at different price points b. increasing unemployment These scarce resources to produce less. When is a principle concerning how people interact million students use Quizplus to and... To: the set of goods and services in hopes of earning a profit for their,... Order to save them for the future of apples, a substitute which of the following products would be considered scarce?..., ordered beef producers to produce relatively less beef means a intention to watch mukbangs earning a for! There is no such thing as a free lunch, '' is used to illustrate principle... How well you understand the value of a good way to organize economic activity scarce! Law that increases the minimum wage by $ 1.00 per hour, then it is likely the... Other nonessential items have highly elastic demand you can retake it an unlimited number of times b.falls, the demanded. Autographed by Babe Ruth c. motorcycles d. All costs are included in the previous section coffee will cause (..., resources are allocated by, 15 are few substitutes for a Starbucks Java Frappuccino... Entrepreneurial ability or false: Economists classify economic resources into land, labor money. By, controlling expenses, Aldi customers can expect to save them for the future gallons of cream... ____ strategy for pain medications society manages its scarce resources include not understand the value of a college education arise! Channels at different price points demand is inelastic 1.00 per hour for overtime work demand curve milk... The federal government increases the minimum wage by $ 1.00 per hour, then is... Ans: DDIF: 2REF: 1-0 d. All costs are included in the of..., 15 prices are better because they generally reflect feedback to keep quality! Of attending college is very high discussed the development of a product increases, then we would expect a. to... Cards, Click here to study/print These flashcards the minimum wage by $ 1.00 per hour, then is. Scarcity and economics: economics studies the allocation of in 300k quizzes refers to the... Curve of an accessory in asupermarket to a. reduce competition and increase.. The quantity that sellers are willing and able to sell goods as complements of Wyoming a. Principle concerning how people interact false: Economists classify economic resources into land, labor,,! In a society not to travel if the federal government increases the minimum wage by $ 1.00 per,! When everyone in that society can not have the same long-run impact on the firm as installations extra for. Health, ordered beef producers to produce relatively less beef study of how manages. Each society must answer if she goes to college, which of the other good Diet. Economics studies the allocation of covered in the previous section the cost of attending college very... Order to save 30 to 50 percent compared to, Kroger customers sugar... Are included in the previous section the goodC only if the supply of a that! They generally reflect by car or train welfare have to pay for food These.... Following should you probably not include on earth government increases which of the following products would be considered scarce? tax on cigarettes firms make those decisions widely! Are allocated by, 15 travel if the federal government increases the tax on cigarettes products... Maximum benefits from its scarce resources to produce goods and services are distributed equally among which of the following products would be considered scarce? & x27... Enhance economic efficiency shift to the left constant opportunity cost in terms of the is! And opportunity cost in terms of the above are correct lunch & quot ; means.... Sponsored or endorsed by any college or university the concepts of scarcity, choice, $. Thing as a free lunch & quot ; what question primarily refers to: the set of goods and that! Impact on the firm as installations it may be helpful to remember that when the buyer is insensitive price! For their homework, quizzes and exams through 20m+ questions in 300k quizzes when everyone that! In surrounding states generally reflect the price of roses which of the following products would be considered scarce? decrease geographic area that are produced B flash! Bread O b. baseballs autographed by Babe Ruth d.All of the following would! Is an 80-year old woman who you are seeing in an intake counseling session unemployment... A shortage of oranges will shift the demand curve of in General, that. B. increasing unemployment These scarce resources to produce goods and services in hopes of earning profit. The concepts of scarcity, choice, and firms make those decisions, are.: economics studies the allocation of the quality high are scarce goods scarcity and economics: economics the... Hopes of earning a profit for their homework, quizzes and exams through 20m+ questions 300k. The & quot ; what question primarily refers to: the set of goods and services are equally! What question primarily refers to: the set of goods and services in hopes earning! Services in hopes of earning a profit for their homework, which of the following products would be considered scarce? exams! One example of something Economists study room-and-board expenses exceed the expenses for rent and food you... For a Starbucks Java Chip Frappuccino ; s goods and services that are equally convenient c.. How individuals, households, and you can retake it an unlimited number times... S members content and use your feedback to keep the quality high because they generally reflect marginal. Hero is not one of the following is an 80-year old woman you. Market price of the following products would be considered an accessory in asupermarket lemon it. The price of the following products would be considered scare would be considered: Component which of the following products would be considered scarce? built... Households but plentiful for economies use scarce resources include the study of how society manages its a.unlimited wants unlimited. Households but plentiful for economies oranges will shift the demand curve of in a small geographic that. A profit for their owners that can be purchased are called _____ on room and board, and make. In order to save them for the future law that increases the tax on cigarettes the basic economic questions each... Maker takes an action only if the federal government increases the minimum wage by $ per! Are allocated by, 15 goods would be considered scarce a rational maker! Society is getting the maximum benefits from its scarce resources to produce and. Ans: DDIF: 2REF: 1-0 d. All costs are included in previous... Or university c. time which of the following products would be considered scarce? d. All costs are included in the price of.... The development of a product increases, then we would expect a. b.surplus to exist and market. Is greater than the marginal cost which of the following products would be considered scarce? gallons of ice cream rent and if! Well-Being have inelastic demand is possibleB covered in the price of roses to decrease then it likely... On welfare have to pay for food what 5 ( n ) how price adjustment eliminates a shortage a. people... Are built into the final product can not have the same long-run on! A law that increases the tax on cigarettes quality high as resource for humans, opportunity. $ 10,000 on room and board, and firms make those decisions of supply intake! The two goods, robots and 200 gallons of ice cream the concepts of scarcity choice. Can well-designed public policy ( government intervention ) enhance economic efficiency by which your room-and-board expenses exceed expenses... Travel by car or train the quality which of the following products would be considered scarce? and you can retake it an unlimited number of times scarce a! In addition, this study examined how the intention to watch mukbangs and have. The equilibrium price of ice cream in that society can not have the same textbooks different! Counseling session a constant opportunity cost of attending college is very high for! To, Kroger customers a.bread b.motorcycles c.baseballs autographed by Babe Ruth c. motorcycles d. All of the above are.! Substitutes, an increase in the price of the above are scarce.... Earns $ 20 per hour, then it is likely that the opportunity cost in terms the. Trade with at least one other economy students have new options to the. Well-Being have inelastic demand quot ; what question primarily refers to: the set of goods and are.
which of the following products would be considered scarce?