This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: What does scarcity have to do with the fact that people must make choices? What will be an ideal ... (Read 96 times)

pepyto

  • Hero Member
  • *****
  • Posts: 547
on: Jun 29, 2018
What does scarcity have to do with the fact that people must make choices?
 
  What will be an ideal response?

Question 2

Holding demand constant, a reduction in supply leads to
 
  A) lower prices and higher quantity demanded.
  B) lower prices and lower quantity demanded.
  C) higher prices and higher quantity demanded.
  D) higher prices and lower quantity demanded.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

lin77x

  • Sr. Member
  • ****
  • Posts: 326
Reply #1 on: Jun 29, 2018
Answer to Question 1

Scarcity implies that people cannot have everything they want. This implies that ways must be found to determine which of the many goods that people want will actually be produced. Further, since any person cannot have everything he or she wants, the person must decide which specific things to acquire. That is, the person must make choices.

Answer to Question 2

D


pepyto

  • Member
  • Posts: 547
Reply 2 on: Jun 29, 2018
Excellent

kjohnson

  • Member
  • Posts: 330
Reply 3 on: Yesterday
Great answer, keep it coming :)

« previous next »
 

Did you know?

About 80% of major fungal systemic infections are due to Candida albicans. Another form, Candida peritonitis, occurs most often in postoperative patients. A rare disease, Candida meningitis, may follow leukemia, kidney transplant, other immunosuppressed factors, or when suffering from Candida septicemia.

Did you know?

For high blood pressure (hypertension), a new class of drug, called a vasopeptidase blocker (inhibitor), has been developed. It decreases blood pressure by simultaneously dilating the peripheral arteries and increasing the body's loss of salt.

Did you know?

Inotropic therapy does not have a role in the treatment of most heart failure patients. These drugs can make patients feel and function better but usually do not lengthen the predicted length of their lives.

Did you know?

Persons who overdose with cardiac glycosides have a better chance of overall survival if they can survive the first 24 hours after the overdose.

Did you know?

In 2006, a generic antinausea drug named ondansetron was approved. It is used to stop nausea and vomiting associated with surgery, chemotherapy, and radiation therapy.

Using the Ti plasmid and Agrobacterium tumefaciens to make transgenic plants Using the Ti plasmid and Agrobacterium tumefaciens to make transgenic plants
Retinopathy. Illustration of a normal retina (left) and a diseased retina (right). The diseased reti Retinopathy. Illustration of a normal retina (left) and a diseased retina (right). The diseased reti
The frontal sinus, an airfilled space just behind the brow, is a unique size and shape in each of us The frontal sinus, an airfilled space just behind the brow, is a unique size and shape in each of us
When connecting a starter tester such as a Sun VAT 45 to the vehicle, make certain that the ... When connecting a starter tester such as a Sun VAT 45 to the vehicle, make certain that the ...
Trees provide ecosystem services to people Trees provide ecosystem services to people
Out of Many: A History of the American People Out of Many: A History of the American People
Video: Complement Proteins Animation

For a complete list of videos, visit our video library