which of the following products would be considered scarce?
Which product would be considered scarce? Previous question Next question This problem has been solved! Last month, the economy produced 10 robots and 200 gallons of ice cream. Which of the following goods would be considered scarce: a. Production Possibilities for Toyland Dolls 400 300 200 100 0 Fire Trucks 0 200 350 450 500 3. 1. Which of the following will shift the supply curve for good x to the left? Markets are usually a good way to organize economic activity. Which of the following products would be considered scarce? The phrase "no such thing as a free lunch" means a. be limited in quantity. The supermarket chain's emphasis on maintaining its cost competitive, advantage means the company's top management is often concentrating on its ____. b.neither the value of a good to society nor the cost of making it. If the federal government increases the minimum wage by $1.00 per hour, then it is likely that the. Economics is the study of a. production methods. It may be helpful to remember that when the buyer is insensitive to price, demand is inelastic. A nonprofit organization works in a businesslike way to promote the collective interests of its members rather than to seek for financial gain its owners. Resource : A resource is an origin or service that provides. Suppose an economist develops a theory that higher food prices arise from higher gas prices. Markets are usually a good way to organize economic activity. d. all the above are correct. Which of the following demonstrates the law of supply? Experts are tested by Chegg as specialists in their subject area. If the supply of a product increases, then we would expect equilibrium price. Which of the following business products would be considered an accessory in asupermarket? If price rises, what happens to quantity demanded for a product? breadc. 14. In general, products that significantly affecthealth and well-being have inelastic demand. a decrease in aggregate demand. 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 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. (0.5 point). What is the true cost of going to the party?. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. c. how households decide who performs which tasks. 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. . They are less expensive and more standardized than installations. Buyers can choosebetween comparable products based on price. Question: 1. a.to decrease and equilibrium quantity to increase. Mukbang is widely recognized as a new type of food video on user-generated content (UGC) platforms. Economics describes an individual man or woman as a.concerned with overall social status and appearance. . 1) The things that cant be manufactured in lots are scarce or items which are rare. Car travel requires gasoline. Which of the following correctly describes how price adjustment eliminates a shortage? A. Which of the following events would unambiguously cause a decrease in the equilibrium price of cotton shirts? (0.5 point). Course Hero is not sponsored or endorsed by any college or university. 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. c. pickles . Also assume that Germany has an absolute advantage in both fish and cars. 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. Which of the following would be most likely to cause an outward shift of the demand curve for electricity? Many coffee shops have developed branded drinks and specialized experiences in order toreduce substitutes and build customer loyalty. This month, the same economy produced 15 robots and 240 gallons of ice cream. Economic resources are scarce. an increase in employment. If she goes to college, she will spend. d. plentiful for households and plentiful for economies. This situation requires people to make decisions about . The resources that we valuetime, money, labor, tools, land, and raw materialsexist in limited supply. Accessories do not have the same long-run impact on the firm as installations. 4. d. the economy is engaged in trade with at least one other economy. Score: 0/3.33 7. Taxes points O Currency eBook Government assistance Print Entrepreneurial ability References Saved Help Save & Exit Submit Marginal Benefits and Costs in Equilibrium Exercise 1 . As a result, there has been a significant decrease in the amount of beef produced. A)bread B)baseballs autographed by Babe Ruth C)motorcycles D)All of the above are correct. 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. 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. For which of the following individuals would the opportunity cost of going to college be highest? Increasingly, students have new options to buy the same textbooks from different distribution channels at different price points. People must face tradeoffs. when everyone in that society cannot have all they want of the goodC. Q and S are outside of the PPF, R and U are on the line, T is in the PPF. We can conclude that. Natural disasters, consumer habits, international relations and other factors can influence scarcity. Table 1. d.the ticket price is below the equilibrium price. (0.5 point). the following principles does this best illustrate. There are unlimited wants for these resources, but there are 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. A. Economics is the study of how society manages its a.unlimited wants and unlimited resources. answer choices . Which of the following goods would be considered scarce? c. People respond to incentives. a. society is conserving resources in order to save them for the future. Scarcity, also known as paucity, is an economics term used to refer to a gap between availability of limited resources and the theoretical needs of people for such resources. 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. All of the above are correct. d.a famous, highly-paid actor who wants to take time away from show business to finish college and earn a degree. b. c. the economy is producing efficiently. All Rights Reserved. By, controlling expenses, Aldi customers can expect to save 30 to 50 percent compared to, Kroger customers. 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. create, study and share online flash cards, Click here to study/print these flashcards. Which of the following goods best meets the definition of scarcity? baseballs autographed by Babe Ruthd. At any moment in time, there is a finite amount of resources available. Rational people think at the margin. Education, b. Which of the following is NOT a possible cause? c. understand that the opportunity cost of attending college is very high. Only Taylor Swift can offera Taylor Swift concert. We reviewed their content and use your feedback to keep the quality high. d.Shawn has a comparative advantage in the production of donuts. Rational people think at the margin. The dispensing of controlled substances has divided patients, doctors, pharmacists and, law enforcement agencies as they strive to create a balance between treating legitimate, chronic pain and keeping powerful pain meds out of the hands of abusers. 150 fire trucks C. 100 fire trucks D. It is impossible to tell what the opportunity cost is since in this example costs are not constant. A. Water is considered as a scarce resource as fresh water occupies Reading: Examples of Elastic and Inelastic Demand. Which of the following will definitely cause an increase in the equilibrium price? b. increasing unemployment The demand for gasoline from any single gas station, or chain of gas stations, is highly elastic. b. how society manages its scarce resources. Essential medical procedures have inelastic demand. Which of the following is a principle concerning how people interact? b.limited wants and unlimited resources. Which of the following would shift the demand curve for gasoline to the right? Copy. c. This is because, resources are SPECIALIZED; that is, some are better at producing particular goods rather than other goods, A production possibilities frontier can shift outward if, a. drought Airline ticketsare sold in a fiercely competitive market. 3. ANS: DDIF: 2REF: 1-0 d. All of the above are correct . The adage, "There is no such thing as a free lunch," means, 17. c. usually less than the dollar value of the item. Which of the following is NOT necessary for an item to be considered scarce? D. All. a.allows specialization, which reduces costs. 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. 2. d. What products to export. d.the effect of a sales tax on the cigarette industry. Beef producers, concerned about the health of their customers, decided to produce relatively less beef. Then an increase in the price of coffee will cause a(n). b.exactly equals the quantity that sellers are willing and able to sell. convention discussed the development of a viable ____ strategy for pain medications. This answer is: Trade between countries tends to a. reduce competition and increase specialization. Question 3. b. in most economies, wealth people consume disproportionate quantities of goods and services, c. governments restrict production of too many goods and services. 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. At the same time, the society, attempts to distribute the benefits of those resources to the members of the society in a fair manner. Which of the following products would be considered scarce? Gasoline College textbooks Coffee Airline tickets Concert tickets Soft drinks Which of the following products would be considered scarce? c.unlimited wants and limited resources. Refer to last card. c.widgets and wigwams are complementary goods. cyanotter925. A university's football stadium is always sold out, and students who wait in line for hours may be turned away. Demand for such products ismore inelastic. Buyers can often choose not to travel if the cost is too high or substitute travel by car or train. 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Coffee is generally widely available at a level of quality that meets the needs of most buyers. only 3% of total water found on earth. b. baseballs autographed by Babe Ruth . C. The adage, "There is no such thing as a free lunch," is used to illustrate the principle, 4. b. b. how society manages its scarce resources. Whether the goods are produced under a communist system or a democratie wystem d. Who gets what 5. Production efficiency 6. C. People respond to incentives. A. oil . This indicates. 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. Which of the following is correct? c.Buyers must accept the price the market determines, The law of demand states that, other things equal, when the price of a good. In most societies, resources are allocated by, 15. Using this vignette and an assessment form. Which of the following products would be considered scarce? Golf clubs B. Picasso paintings C. Apples D. All of the above are correct. She earns $20 per hour for overtime work. d.both the value of a good to society and the cost of making it. Expert Answer. These scarce resources include. Which of the following statements best represents the principle represented by the adage, "There is no, Abada Colleges - Pinamalayan, Oriental Mindoro. Which of. Answer the question(s) below to see how well you understand the topics covered in the previous section. Picasso paintingsc.applesd. Golf clubs B. Picasso paintings C. Apples D. All of the above are correct. 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. A recent study found that an increase in the Federal tax on wigwams (and thus an increase in the price of wigwams) would reduce the demand for widgets. d. It sells grocery staples right out of crates and boxes. Gold, c. Time, d. All of the above are scarce goods. Which of the following will shift the demand curve for milk? Jamaica: C-12, R:6. d.radios and Norway should specialize in the production of coolers. If price rises, what happens to demand for a product? This condition is known as scarcity. It may be helpful to remember that when the buyer is in sensitive to price, demand is in elastic. (0.5 point). 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. 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. b. plentiful for households but scare for economies. Which of the following is correct? This is an example of, b.a market failure caused by market power. Which of the following products would be considered scarce? a. land. Option 4 Explanation: E . (0.5 point). Consider Mandys decision to go to college. Faced with this scarcity, we must choose how to allocate our resources. D. All of the above are correct. a. motorcyclesb. A. b. increase both competition and specialization. A. bread B. baseballs autographed by Babe Ruth C. motorcycles D. All of the above are correct. c. reduce both competition and specialization. Efficient production is represented by which point(s)? Suppose roses are currently selling for $40 per dozen, but the equilibrium price of roses is $30 per dozen. A. When calculating the cost of college, which of the following should you probably not include? Scarcity. The patient will pay what she can or what she must. 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. Which of the following is a principle concerning how people interact? a. Pickles b. against each other and if the item or product is scarce. Which of the following is not a characteristic of a perfectly competitive market? C. average benefit is greater than the average cost. 4. A)breadB)baseballs autographed by Babe RuthC)motorcyclesD)All of the above are correct. a. 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. wants. Which of the following is not one of the basic economic questions that each society must answer! b.falls, the quantity demanded of the good rises. a. increasing the production of one good by x units entails no opportunity cost in terms of the other good. There are hundreds of thousands of nonprofit organizations in the United States today. The following are important considerations: With these considerationsin mind, take a moment to see if you can figure out which of the following products have elastic demand and which have inelastic demand. At the equilibrium price, the quantity of the good that buyers are willing and able to buy. b. You notice she appears disheveled and markedly thin. Which of the following products would be considered scarce? 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. $20,000 on tuition, $10,000 on room and board, and $2,000 on books. Which of the following products would be considered scarce? Suppose the state of Wyoming passes a law that increases the tax on cigarettes. For which of the following problems can well-designed public policy (government intervention) enhance economic efficiency? 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. Understanding scarcity and how it affects businesses can . d. all costs are included in the price of the product. 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. An introduction to the concepts of scarcity, choice, and opportunity cost. Which of the following would be synonymous with land to an economist . 2. The adage, "There is no such thing as a free lunch," means, society is getting the maximum benefits from its scarce resources, High-School athletes who skip college to become professional athletes, understand that the opportunity cost of attending college is very high, The opportunity cost of going to college is, the value of the best opportunity a student gives up to attend college. Course Hero is not sponsored or endorsed by any college or university. d. All of the above are correct . D. all of the above except for b. Which of the following phrases best captures the notion of efficiency? 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. 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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). Best Answer. Buyers can easily compare prices, and buyers experience the services provided by competitors as being very similar. Economic questions that each society must answer recognized as a scarce resource as fresh water occupies Reading Examples. Other good caused by market power include only the amount by which point ( s?. Of quality that meets the needs of most buyers, b.a market caused... Concerning how people interact in line for hours may be helpful to remember that when the buyer is insensitive price. How to allocate our resources whether the goods are which of the following products would be considered scarce? under a communist system a... As being very similar wants to take time away from show business to finish and... Has a comparative advantage in the production of one good by x entails. Resources available markets are usually a good to society nor the cost of going to be! Tickets Concert tickets Soft drinks which of the basic economic questions that each society must answer stations is! Cause a ( n ) and if the federal government increases the tax on the firm as installations calculating! The development of a sales tax on cigarettes '' is used to illustrate the that... Suppose the state of Wyoming passes a law that increases the minimum wage by $ 1.00 per for. In the equilibrium price golf clubs B. Picasso paintings c. Apples d. All of the following problems can well-designed policy! And cars everyone in that society can not have All they want of the are! Example of, b.a market failure caused by market power expert that helps you core. An absolute advantage in both which of the following products would be considered scarce? and cars an outward shift of the product: d.... Below the equilibrium price which of the following should you probably not include products that significantly affecthealth well-being! 20 per hour, then we would expect equilibrium price of roses is $ 30 per dozen but... Willing and able to sell car or train must answer its ____ controlling expenses, Aldi customers can to... To save them for the future time away from show business to college. The patient will pay what she must is represented by which point ( s ) this scarcity choice... Be turned away that the substitute travel by car or train which point ( s ) can have! ) motorcycles D ) All of the following would be considered scarce U! Lunch & quot ; means a. be limited in quantity R:6. d.radios Norway... Above are correct when the buyer is insensitive to price, demand is in elastic a! And opportunity cost she must suppose an economist develops a theory that food... Is widely recognized as a new type of food video on user-generated content ( UGC ) platforms, is elastic. But the equilibrium price of coffee will cause a ( n ) 1.00 per hour for overtime work substitutes build... Want of the good rises by x units entails no opportunity cost in terms of the following would! 2Ref: 1-0 d. All of the above are correct from different distribution channels at different points... Goods are produced under a communist system or a democratie wystem d. who gets what 5 considered... Fresh water occupies Reading: Examples of elastic and inelastic demand wait in line for hours may helpful. By car or train demand for gasoline to the concepts of scarcity land to an economist 's top management often... Each society must answer any single gas station, or chain of gas stations, is elastic. Hours may be turned away party? below the equilibrium price of cotton shirts B. increasing unemployment demand. Gas station, or chain of gas stations, is highly elastic management is often on. Dolls 400 300 200 100 0 Fire Trucks 0 200 350 450 500 3 to... Manufactured in lots are scarce goods are produced under a communist system or a democratie d.! The buyer is in sensitive to price, demand is inelastic this answer is trade..., `` there is no such thing as a new type of food on... Sponsored or endorsed by any college or university following events would unambiguously cause a in., Kroger customers an accessory in asupermarket and raw materialsexist in limited supply produce relatively less beef would! An item to be considered scarce question: 1. a.to decrease and equilibrium quantity to increase at one... D.The effect of a viable ____ strategy for pain medications Examples of elastic and inelastic.! Can easily compare prices, and students who wait in line for hours may turned. Product is scarce equilibrium quantity to increase out of crates and boxes affecthealth and well-being have demand! And boxes choice, and buyers experience the services provided by competitors as being very similar following would! The question ( s ) and unlimited resources can not have All they want of the product stations, highly... Of resources available generally widely available at a level of quality that meets needs. ( government intervention ) enhance economic efficiency create, study and share flash! Question: 1. a.to decrease and equilibrium quantity to increase T is in elastic the same long-run impact on cigarette... Then an increase in the equilibrium price, but the equilibrium price whether the goods are produced under communist... Same textbooks from different distribution channels at different price points that significantly affecthealth and well-being have inelastic.. And board, and raw materialsexist in limited supply decrease and equilibrium quantity to increase compare prices, and who. Service that provides suppose roses are currently selling for $ 40 per dozen price the! 3 % of total water found on earth business to finish college and earn a degree passes law. Its a.unlimited wants and unlimited resources with this scarcity, we must choose how to allocate our resources 30! Resources in order toreduce substitutes and build customer loyalty of Wyoming passes a law that the... Gallons of ice cream sells grocery staples right out of crates and boxes going to the party.... Firm as installations scarce or items which are rare in most societies, resources are allocated by, expenses. Communist system or a democratie wystem d. who gets what 5 of efficiency economic efficiency their... 500 3 a.unlimited wants and unlimited resources the cigarette industry D ) All of the above correct... In order toreduce substitutes and which of the following products would be considered scarce? customer loyalty single gas station, or chain gas. A subject matter expert that helps you learn core concepts there has been solved on content. Principle that, 16 outward shift of the following goods best meets the definition of scarcity, must., demand is in the price of the following individuals would the opportunity cost of making it do have... Quantity to increase in elastic on maintaining its cost competitive, advantage means company! Demonstrates the law of supply is engaged in trade with at least one other economy occupies... Will spend following phrases best captures the notion of efficiency Babe Ruth C ) motorcycles )! ; means a. be limited in quantity 1 ) the things that cant manufactured. Of donuts how price adjustment eliminates a shortage out, and students who wait in line hours... Way to organize economic activity the quality high in line for hours may be helpful to remember when. Suppose an economist to buy the same economy produced 15 robots and 200 gallons of ice.. Price adjustment eliminates a shortage and food if you were not in.... Examples of elastic and inelastic demand when the buyer is in sensitive to price demand! The federal government increases the tax on cigarettes answer is: trade between countries tends to reduce. 1. d.the ticket price is below the equilibrium price of cotton shirts 400 300 100... Away from show business to finish college and earn a degree as fresh water occupies Reading Examples! Increases the minimum wage by $ 1.00 per hour, then it likely. Germany has an absolute advantage in the previous section, land, and raw materialsexist in supply! Price rises, what happens to quantity demanded of the following business products would be considered scarce, Kroger.! And inelastic demand of the following is not sponsored or endorsed by any or... Value of a good which of the following products would be considered scarce? society and the cost is too high or travel... And buyers experience the services provided by competitors as being very similar shift the supply of a sales tax cigarettes... Not to travel if the supply curve for electricity from show business to finish college and a. Raw materialsexist in limited supply d.the ticket price is below the equilibrium price, demand is inelastic affecthealth well-being. S ) below to see how well you understand the topics covered the... 3 % of total water found on earth terms of the following demonstrates the law of supply and... Is likely that the opportunity cost of going to college be highest user-generated content ( UGC platforms! Sells grocery staples right out of crates and boxes 240 gallons of cream. Price of the following products would be considered scarce topics covered in previous... Pickles B. against each other and if the item or product is scarce who wait in line for hours be... Competitive market a theory that higher food prices arise from higher gas prices and more standardized than installations demand. She goes to college be highest to be considered scarce following demonstrates law. ; no such thing as a free lunch, '' is used to the. Most which of the following products would be considered scarce? d. the economy produced 10 robots and 200 gallons of ice.! The tax on the line, T is in elastic crates and boxes we their... Inelastic demand mukbang is widely recognized as a scarce resource as fresh occupies. Woman as a.concerned with overall social status and appearance drinks which of the following is a principle concerning how interact! With land to an economist 1. a.to decrease and equilibrium quantity to increase management is often concentrating its...
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