What is the correct answer?


Scarcity means:

A. Nil resources

B. Limited resources

C. Many resources

D. Extra resources

Correct Answer :

B. Limited resources

Related Questions

In terms of price, the indirect utility function may be: When income of the consumer increases then demand curve of an inferior… If cross-elasticity of one commodity for another turns out to be zero,… In substitution effect, we: The budget constraint can be written as: In cournot model, at equuilibrium when MC = MR, the elasticity of demand… Price elasticity of demand is best defines as: If as a result of an increase in prices, total outlay (expenditures) on… If the marginal utility is divided by the price of the commodity then… Supply of commodity is a: The substitution effect works to encourage a consumer to purchase more… The modern cost curves are based upon the idea of: Ceteris paribus clause in the law of demand means: If the commodity is inferior then Income Effect (I.E) is: When elasticity of demand is less than one (e Under monopoly and imperfect competition MC is: In monopolistic competition, because of difference in choices, the firm… A good tends to have relatively inelastic demand, if: The income effect means that consumer purchase more when: Which of the following does not have a uniform elasticity of demand at… The goods sold by firms under monopolistic competition are technological… Who is the author of Problems of Capital Formation in Underdeveloped Countries? Nash equilibrium says: The cross-price elasticity of the demand for orange juice with respect… Variable costs refer to: In case of monopoly, the price charged against the additional unit is: Marginal cost curve cuts the average cost curve: Loanable funds theory of Interest was developed by: In Nash equilibrium, a player: When was Adam Smiths major work An Enquiry into the Nature and Causes…