Home

What is the correct answer?

4

Economic problems arise because:

A. Wants are unlimited

B. Resources are scarce

C. Scarce resources have alternative uses

D. All of the above

Correct Answer :

D. All of the above


Related Questions

In modern theory of costs, a firm normally utilizes: A monopoly producer has: When a consumer is in equilibrium then slope of indifference curve is: Normally when price per unit of time falls: The MRTS along an iso-quant goes on to: Indifference curve approach (ordinal approach) is superior to utility… The proportional demand curve in monopolistic competition (also in kinked… Rotten eggs are: If at the unchanged price, the demand for a commodity goes up, or the… In case the two commodities are complements, cross elasticity will be: Which of the following oligopoly models is concerned with the maximization… Average Revenue means: The line from the origin to a point on an isoquant shows: The sufficient condition of firms equilibrium requires: In constant sum game (zero sum game), if there are two parties then: Marshalls definition of economics was strongly criticised by: Microeconomics is also known as: If a straight line supply curve passes through the point of origin O,… If the commodity is inferior then: The act of producing the output from more than one plant is concerned… In case of straight-line isoquant, the factors are not substituted because… The elliptical isoquant represents the: The concept of industry in monopolistic competition has been replaced… When price increases and with it the total outlay on a commodity also… Given a U shaped average cost curve, the relationship between average… According to critics, the assumption of costless production is: The budget line is described by each of the following except: Demand is consumers: The average product is given as: A market-clearing price: