Which of the following is NOT an example of scarcity? Select the correct answer below: Due to a lack of rain in San Diego, O California, the amount of water for families is limited. O Crude oil was in short supply in the 1970s, leading to a quantity demanded being greater than the quantity supplied. After textbook buyback season, Amazon received an influx of used textbooks into their inventory. Fresh water bass are on the decline due to disease.

Which of the following is NOT an example of scarcity? Select the correct answer below: Due to a lack of rain in San Diego, O California, the amount of water for families is limited. O Crude oil was in short supply in the 1970s, leading to a quantity demanded being greater than the quantity supplied. After textbook buyback season, Amazon received an influx of used textbooks into their inventory. Fresh water bass are on the decline due to disease.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Which of the following describes the difference between "scarcity" and "shortage"? O There is no difference; either word can be used to describe the situation that exists when there is less of a good or service available than people want. O In the economic sense, almost everything is scarce. A shortage of a good or service occurs when the quantity demanded is greater than the quantity supplied at the current market price. O There is a shortage of almost everything. Scarcity occurs only if the quantity demanded of a good or service is greater than the quantity supplied at the current market price. O In the economic sense, almost everything is scarce. A shortage of a good or service occurs when the quantity demanded is greater than the quantity supplied at the equilibrium price.
Suppose that when farmers grow tomatoes, they use pesticides that leak into the ground water and cause people living near tomato farms to get sick. This is an example of a: Select one: a. negative production externality. b. positive consumption externality. c. positive production externality. d. negative consumption externality.
Jane enrolled in an online class to learn a new language. The online class will cost Jane $150. After enrolling in the class, Jane needs to consider how many hours she is willing to spend on learning a new language. For the first hour, Jane will get an incremental benefit of $85. Subsequently, she will only get incremental benefits of $74 from the second hour, $55 from the third, $30 from the fourth and $15 from the fifth. The cost to Jane, mainly due to fatigue and boredom, is $6 for the first hour, $12 for the second hour, $19 for the third hour, $29 for the fourth hour and $40 for the fifth hour. Using marginal analysis, Jane should spend how many hours learning?. The maximum surplus for Jane, from spending the number of hours learning which you found in part b, is $. Answer to the nearest whole number (with no decimal places).
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