Which principle states that "individuals facing limited resources must make choices, and each choice involves a cost"? A. The principle of demand and supply B. The scarcity principle C. The principle of comparative advantage D The marginal utility principle
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- Describe the linkage between “Scarcity” and each of the following;i. Choiceii. Opportunity Costiii. CompetitionEconomics studies choices that arise from one fact. What is that fact? A. Our resources are unable to satisfy all our wants. B. Some families are too big. OC. Businesses produce too many varieties of most goods.Derive and extensively discuss the equi-marginal principle. a. Two commodity case b. Three commodity cases Hint: You are expected to compare using equal to, greater than or less than for both 'a and b' above.
- Which of the following statements is an explanation for the law of increasing opportunity costs? Multiple Choice O. Resources are scarce. O. Resources are not equally efficient in producing every good. O.Wants are virtually unlimited. O. The originator had the idea and modern economists follow this convention.ple Choice ý the letter of the choice that best completes the statement or answers the question. 1. Which of the following is an example of lower production costs brought about by the use of technology? the delivery costs of gasoline to the consumer by diesel trucks the use of e-mail to replace slower surface mail а. b. the making of breads and pastries in local shops rather than large bakeries the importing of fresh vegetables from South America rather than using canned vegetables- с. d. 2. What is the effect of import restrictions on prices? They cause prices to drop. b. a. They cause prices to rise. They often cause prices to rise steeply and then drop. d. They usually do not have any lasting effect on price. с. 3. What do sellers do if they expect the price of goods they have for sale to increase dramatically in the future? sell the goods now and try to invest the money instead of resupplying sell the goods now but try to get the higher price for them store the goods until the…QUESTION 1 To ensure that trade benefits all parties involved, a, the trade must involve services as well as goods. b. the trade must be voluntary. c. there must be a difference in comparative advantage. d. specialization through training must occur. O e. money must be exchanged. QUESTION 2 When is marginal analysis needed to make a decision? a, when the choice is between doing more or less of something b. when the choice is between doing something and not doing something c. when the choice is between actions with a quantifiable monetary value d. when the choice is between actions that cannot be assigned a monetary value e. when the choice is between doing something and doing the exact opposite
- Consider the table, which shows five possible choices of output combinations for Rock's restaurant. What is the opportunity cost of changing from Choice A to Choice D? Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a b с MC5 d e 6 Pizzas 8 Pizzas 11 Salads 9 Salads Can't be calculated Choice ABCDE Number of Pizzas 2 4 6 8 10 Number of Salads 20 18 15 11 6The table shows the marginal benefit of pizza and the marginal cost of pizza in terms of soda forgone. How many pizzas are produced when the quantity of soda that people are willing to give up to get an additional pizza is greater than the quantity of soda that they must give up to get that additional pizza? ... If pizzas are produced, the quantity of soda that people are willing to give up to get an additional pizza is greater than the quantity of soda that they must give up to get that additional pizza. OA. 100 OB. less than 100 OC. more than 100 OD. any quantity other than 100 Quantity (pizzas per day) 50 100 150 200 250 Marginal benefit Marginal cost (cans of soda per pizza) 32 7 3 2 1 67249 32 44 52Derive and extensively discuss the equi-marginal principle.When it is in the two commodity cases? What about 3 commodity cases?
- Would you rather have efficiency or variety? That is, one opportunity cost of the variety of products we have is that each product costs more per unit than if there were only one kind of product of a given type, like shoes. Perhaps a better question is, “What is the right amount of variety? Can there be too many varieties of shoes, for example?” the bold question i dont understadnwhat they are trying to ask me to dowhat is scarcity? what is coumpound product? what is demand what is supply?Where does allocative efficiency occur? where the price of a good is equal to the marginal cost of producing it where the greatest quantity of output is available for sale 1S where the price of a good is greater than the marginal cost of producing it O where the price of a good is less than the marginal cost of producing it
