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By scarcity the economist means that all goods are scarce relative the peoples:

A. Desire for them

B. Purchases

C. Production

D. Consumption

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  1. Plumbing and pipe-fitting require many of the same skills. If the wage paid to pipe-fitters increased…
  2. Supply curves are most elastic:
  3. In monopoly and perfect competition, TC curves are:
  4. Repetition of a game (Repeated Game):
  5. The law of demand is most directly a result of:
  6. A profit-maximizing monopolist in two separate markets will:
  7. In terms of price, the indirect utility function may be:
  8. If Marginal Utility (MU) is zero, then total utility is:
  9. In Revealed Preference Theory, a consumer reveals preference for bundle of:
  10. All money costs can be regarded as:
  11. Economies of large-scale production:
  12. The game theory concentrates on:
  13. The concept of industry in monopolistic competition has been replaced by:
  14. Which of the following theories of trade cycle was presented by William Jevons?
  15. According to Diamond Water Paradox diamonds are more expensive than water because:
  16. In cournot model firms:
  17. The point where the supply and demand curves intersect on a graph determines:
  18. The cobweb model will convergent when the slope of:
  19. In Prisoners Dilemma, both the prisoners are interrogated:
  20. Cross-elasticity of demand or cross-price elasticity between two perfect complements will be:
  21. When sales tax is imposed on monopolist, its:
  22. According to marginalistic rule, the profit maximization hypothesis requires:
  23. In modern theory of costs, a firm normally utilizes:
  24. Entry of new firms into a competitive market will shift the supply curve of the:
  25. The cobweb model will divergent when the slope of:
  26. In the short-run, the competitive firm can maximize its profits (or minimize its losses) by:
  27. The income consumption curve (ICC) is the locus of points of consumer equilibrium resulting:
  28. Total costs are:
  29. In short run, a firm would remain in business as long as which one of the following of cost is covered?
  30. Consumers are likely to get a variety of similar goods under: