Answer:
Scarcity is a condition that is everywhere and always, since it is based upon two assumptions that reflect permanent universal conditions. The assumptions are that more output will satisfy more wants and the world has limited productive resources
Explanation:
Due to the fact that there is high demand in market and there is limited productive resources which in turns affect the demand, hence; causing scarcity
Answer:
Asset exchange transaction
Explanation:
Prepaid rent is an asset exchange transaction because cash (asset) is credited while prepaid rent (also an asset) is debited.
Rent paid in advance is recorded as follows:
Dr Prepaid rent
Cr Cash
As the months go by, the prepaid rent is credited and rent expenses is debited.
Dr Rent expense month 1
Cr Prepaid rent month 1
Answer:
The answer is: A) some people win, some people lose, and there is a loss of economic efficiency.
Explanation:
When the government imposes a price ceiling, some consumers win since they buy cheaper products (lower than equilibrium price) but suppliers lose. Inf the government decides a price floor is better, then customers will lose and some suppliers will win (prices are higher than equilibrium price).
Both price ceilings and price floors cause deadweight loss, decreasing economic efficiency.
C: They charge extremely high interest rates.
