which of the following products would be considered scarce?

d. all of the above except for b a decrease in the price of apples, a substitute. 1. Term. Which of the following correctly describes how price adjustment eliminates a shortage? Copy. Course Hero is not sponsored or endorsed by any college or university. What is Scarcity? 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. 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. The purpose of this study was to identify motivators to watch mukbangs and to examine the relationship between these motivators and the intention to watch mukbangs via attitudes toward mukbangs and para-social relationships. Get the detailed answer: Which of the following products would be considered scarce? Economics is the study of how society manages its a.unlimited wants and unlimited resources. 200 fire trucks B. D. all of the above except for b. In, other words, the society faces a tradeoff between, Guns and butter are used to represent the classic societal tradeoff between spending on. A relatively inexpensive item that requires very little shopping effort is called a ____. Youll have more success on the Self Check if youve completed the two Readings in this section. Which of the following products would be considered scarce? People must face tradeoffs. 1. (0.5 point). In addition, this study examined how the intention to watch mukbangs . A rational decision maker takes an action only if the. the following principles does this best illustrate. 4. Suppose roses are currently selling for $40 per dozen, but the equilibrium price of roses is $30 per dozen. False. Using this vignette and an assessment form. Economics is the study of a. production methods. Which of the following phrases best captures the notion of efficiency? a. land. Golf clubs B. Picasso paintings C. Apples D. All of the above are correct. answer choices . 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. Use this quiz to check your understanding and decide whether to (1) study the previous section further or (2) move on to the next section. Now that you have a general idea of what elasticity is,lets consider some of the factors that can help us predict whether demand for a product is likely to be elastic or inelastic. be desirable. d.Shawn has a comparative advantage in the production of donuts. Suppose we observe an increase in the price of oranges. 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. b. usually do so because they cannot get into college. Which of the following statements could explain this change? be limited in quantity. a. even people on welfare have to pay for food. It may be helpful to remember that when the buyer is insensitive to price, demand is inelastic. A. cyanotter925. 2003-2023 Chegg Inc. All rights reserved. Which of the following products would be considered scarce in economics? Refer to Table 1, what is the opportunity cost to Toyland of increasing the production of dolls from 200 to 300? Essential medical procedures have inelastic demand. A. when more output of the good is possibleB. Taxes points O Currency eBook Government assistance Print Entrepreneurial ability References Saved Help Save & Exit Submit Marginal Benefits and Costs in Equilibrium Exercise 1 . 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 you calculate your true costs of going to college, what portion of your room-and-board expenses should be included? If price rises, what happens to quantity demanded for a product? when the government restricts production of the goodD. Because the student cant easily identify another textbook or resource that will ensure the same contentand grade for the class, he has no substitutes and must buy the book at any price (or opt not to buy it at all). Which of the following lists includes only capital resources? Suppose an economist develops a theory that higher food prices arise from higher gas prices. Which of the following is correct? Question: 1. 2003-2023 Chegg Inc. All rights reserved. This is an example of, b.a market failure caused by market power. Understanding scarcity and how it affects businesses can . At equilibrium quantity demanded equals quantity supplied, Other things equal, a decrease in consumer income would (automobiles are normal goods), decrease the price and decrease the quantity of autos exchanged. See Answer a. hairpins b. Tesla cars c. notebooks d. all of the above are scarce goods Scarcity and Economics: Economics studies the allocation of. (0.5 point). If Shawn can produce more donuts in one day than Sue can produce in one day, then. The demand for gasoline generally is fairly inelastic, especially in the short run. Course Hero is not sponsored or endorsed by any college or university. a. scarce for households but plentiful for economies. When is a good considered scarce in a society? You notice she appears disheveled and markedly thin. How does a market economy support nonprofit organizations? 3. (0.5 point). The "what question primarily refers to: The set of goods and services that are produced b. wants. Increasingly, students have new options to buy the same textbooks from different distribution channels at different price points. Suppose that when income rises, the demand curve for doctors visits shifts to the right. A. a.autos owned by a car rental firm; computers at the car rental agency; the vans that shuffle rental customers to and from the airport. As a result, your demand for peanut butter. Much car travel is necessary for people to move between activities and cant be reducedto save money. d. supply of bicycles will shift to the left. a. the number of hours needed to earn money t o buy the item. For which of the following individuals would the opportunity cost of going to college be highest? A society allocates its scarce resources to various jobs. TOP: ScarcityMSC: Interpretive 12. While black coffee is available almost universally, there are few substitutes for a Starbucks Java Chip Frappuccino. Should it use mixed bundling. c. understand that the opportunity cost of attending college is very high. a. https://www.flickr.com/photos/zngg/537603811/. 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 . a. Kate chooses to work overtime to earn extra income for her family. c. scarce for house holds and scarce for economies. only a limited amount of resources in this world. 2013-02-07 15:49:43. (0.5 point). The patient will pay what she can or what she must. 6. 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. What is the opportunity cost when the Footvilles economy moves from production level B to E? a. golf clubs b. Picasso paintings c. apples d. All of the above are correct. There are unlimited wants for these resources, but there are It sells grocery staples right out of crates and boxes. a. most economies' production methods are not very good. baseballs autographed by Babe Ruthd. d. all costs are included in the price of the product. 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? c. Anti-beef protesters have made it difficult for both buyers and sellers of beef to meet in the marketplace. One example of a product that would be considered scare would be Diet Cola with lemon in it. d.limited wants and limited resources. c. the economy is producing efficiently. goods. Which of the following will shift the demand curve for milk? Economics is the study ofa.production methods. Buyers can choosebetween comparable products based on price. Scarcity refers to the basic economic problem, the gap between limited - that is, scarce - resources and theoretically limitless wants. Option 4 Explanation: E . This month, the same economy produced 15 robots and 240 gallons of ice cream. Water is considered as a scarce resource as fresh water occupies d. Also assume that Germany has an absolute advantage in both fish and cars. a. bread b. baseballs autographed by Babe Ruth c. motorcycles d. All of the above are correct; Answer: d 5. Which of the following is not a characteristic of a perfectly competitive market? c.decrease in the demand for sugar and a decrease in the quantity supplied of sugar. There are simply never enough resources to meet all our needs and desires. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. Faced with this scarcity, we must choose how to allocate our resources. Trade between countries tends to a. reduce competition and increase specialization. Which of the following products would be considered scarce? A. 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. Wiki User. Natural disasters, consumer habits, international relations and other factors can influence scarcity. If the supply of a product increases, then we would expect equilibrium price. Many coffee shops have developed branded drinks and specialized experiences in order toreduce substitutes and build customer loyalty. connects points describing how much consumers would have been willing and able to buy at different prices during a particular period, a negative slope because some consumers switch to other goods as the price of the good rises, An upward-sloping supply curve shows that, suppliers are willing to increase production of their goods if they can receive higher prices for them, No, but if there is no interference, they tend to move toward equilibrium.
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