Question 7: A Few PrinciplesAnswer with True or False for each of the questions below and explain your answer.1. True or Falsescarcity and destructive competition by using the law to change prices.Goods are scarce because the prices are too high. We could eliminate2. True or FalseThe ultimate cause of price changes of consumer goods is the changein the price of the inputs used in production.3. True or False -The burden of a sales tax will fall on whoever the government collectsthe money from.

1. Scarcity is the natural phenomena, it means no one can eliminate the scarcity from this world…

Question 7: A Few Principles Answer with True or False for each of the questions below and explain your answer. 1. True or False – Goods are scarce because the prices are too high. We could eliminate scarcity and destructive competition by using the law to change prices. 2. True or False -The ultimate cause of price changes of consumer goods is the change in the price of the inputs used in production. 3. True or False -The burden of a sales tax will fall on whoever the government collects the money from.

Question 7: A Few Principles Answer with True or False for each of the questions below and explain your answer. 1. True or False – Goods are scarce because the prices are too high. We could eliminate scarcity and destructive competition by using the law to change prices. 2. True or False -The ultimate cause of price changes of consumer goods is the change in the price of the inputs used in production. 3. True or False -The burden of a sales tax will fall on whoever the government collects the money from.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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