1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Gnoma [55]
3 years ago
13

There are not enough of four goods to satisfy the wants of people. For good A, this is true when the price is $100. This is true

for good B at a price of $10, for good C at a price of $1, and for good D at a price of zero. Which situation reflects scarcity rather than shortage? a. A b. B c. C d. D
Business
1 answer:
Elena L [17]3 years ago
8 0

Answer:

d. D

Explanation:

Shortage occurs when the quantity demanded is greater than the quantity supplied while scarcity is a naturally occurring limitation in supply. For goods A, B and C, the quantity demanded at the given prices is greater than the supplied, which means that an increase in price could potentially decrease demand and eliminate the shortage. As for good D, there is not enough of it to satisfy the market at any price, which means that the good is scarce.

The answer is d. D.

You might be interested in
Question 5 of 10
deff fn [24]

Answer:

A.

Explanation:

Another name for specialization, this is when an individual focuses

on one specific skill in the field.

6 0
2 years ago
Read 2 more answers
Quantity demanded price quantity supplied 45 $10 77 50 8 73 56 6 68 61 4 61 67 2 57 refer to the data. suppose quantity demanded
saul85 [17]

a. When the demand increases by 12 units, the equilibrium price rises to $6.2093 and the equilibrium quantity rises to 67.7442 units.

b. The price elasticity of supply (PES) at equilibrium is 0.20. Since the price elasticity is less than 1, we conclude that supply is inelastic.

From the given data, we can see that the equilibrium price is $4 and the equilibrium quantity is 68 units.

If the demand increases by 12 units at each point of price decline, the demand equation will be :

Qd = 105 - 6P

and the supply equation will be:

Qs = 51.6 + 2.6P

Since Quantity demanded and supplied are equal at equilibrium, we can equate the demand and supply equations and solve for price (P). Equating the two equations above, we get,

105-6P = 51.6 +2.6P

53.4 = 8.6P

P = $6.2093

Substituting the value of P in the demand equation, we get,

Qd = 105 - (6*6.2093)

Qd = 105 - 6P

Qd = 67.7442 units

b. Calculation of Price Elasticity of supply at equilibrium level.

P₀ = $4

Q₀ = 61

P₁ = $6.2093

Q₁ = 67.7442

% change in quantity = [ (Q_1 - Q_0) / Q_0 ] * 100

% change in quantity = 11.05607%

% change in price = [ (P_1 - P_0) / P_0 ] * 100

% change in price = 55.2325%

Price Elasticity of Supply (PES):

PES  = % change in quantity / % change in price

PES = 11.05607% / 55.2325%

PES = 0.20

8 0
3 years ago
On October 1st Joe charged $900 to his credit card, on October 10th he charged another $1,300 to his credit card, and on October
poizon [28]

Answer:

interest expense for October $ 27.25

Explanation:

       900

+  1,300 x 20/30

<u> +     100 x 15/30    </u>

1,816.67 average balance

Now we multiply this average balance by the interest rate of the credit card:

1,816.67 x 0.18/ 12 = 27.25

4 0
3 years ago
Lawrence Summers served as secretary of the treasury in the Clinton administration and as director of National Economic Council
babunello [35]

Answer:

A) taking the cost into account because money spent on pollution reduction is not available for other worthy activities.

Explanation:

The economic approach tries to find solutions for problems optimizing the use of economic resources, therefore reducing costs and increasing benefits for every dollar spent.

Resources are scarce and that includes everyone, from a normal individual, to the richest person in the world, or the richest country in the world. The economic approach states that we should all try to maximize the benefits we obtain while exchanging resources. For example, if we need to study for a text and we know that solving problems helps us to learn more than just reading, then we should spend more time solving problems than reading because that way we can increase our benefits.

The US government and every other government in the world works on a budget and the money it spends doing A, will not be spent doing B. So the government must decide which actions to take in order for maximizing the benefits of the population (i.e. choose between A or B depending on which causes the greatest common good).

4 0
3 years ago
A mortgage is a legal agreement between a borrower and a
o-na [289]
I believe the answer is D. Bank
7 0
3 years ago
Read 2 more answers
Other questions:
  • The price of the candy corporation stock will generally increase when there is:
    12·1 answer
  • why is it important to look at external sources of information when exploring product and service information​
    15·1 answer
  • What are private property​ rights? Private property rights​ are:
    7·1 answer
  • Billy's Goat Coats has a preferred share issue outstanding with a current price of $38.89. The firm last paid a dividend on the
    14·1 answer
  • Vandenheuvel Corporation keeps careful track of the time required to fill orders. The times recorded for a particular order appe
    8·1 answer
  • On January 1, 2013, Nichols Corporation granted 10,000 options to key executives. Each option allows the executive to purchase o
    7·1 answer
  • Mary sets a target for the project budget during the planning phase. While executing the project, she checks to make sure she is
    14·1 answer
  • Why should you have three to six months' salary saved?
    10·1 answer
  • Ruth Lewis is looking to invest in a three-year bond that makes semi-annual coupon payments at a rate of 5.825 percent. If these
    10·1 answer
  • The shona of zimbabwe organized to resist european imperialism under the leadership of?
    7·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!