Survey Of Economics
10th Edition
ISBN: 9781337111522
Author: Tucker, Irvin B.
Publisher: Cengage,
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Chapter 2, Problem 3SQP
To determine
The explanation of the statement.
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QUESTION 38
38. Which of the following statements referring to economic jargon is TRUE?
a "free good" is one which is so abundant that there is enough to satisfy all that people may want of it.
"scarcity" arises from assumptions of unlimited human wants and limited resources.
a "scarce good" is one for which quantity demanded is less than quantity supplied.
all the above are true
only (a) and (b) above are true.
In your own words, clearly distinguish and differentiate why economists say all resources are scarce
What does the old saying “There is no such thing as a free lunch” mean? In other words, if someone invites you to a lunch and offers to pay, is it free for you?
Chapter 2 Solutions
Survey Of Economics
Ch. 2.6 - Prob. 1YTECh. 2.7 - Prob. 1GECh. 2 - Prob. 1SQPCh. 2 - Prob. 2SQPCh. 2 - Prob. 3SQPCh. 2 - Prob. 4SQPCh. 2 - Prob. 5SQPCh. 2 - Prob. 6SQPCh. 2 - Prob. 7SQPCh. 2 - Prob. 8SQP
Ch. 2 - Prob. 9SQPCh. 2 - Prob. 10SQPCh. 2 - Prob. 11SQPCh. 2 - Prob. 12SQPCh. 2 - Prob. 1SQCh. 2 - Prob. 2SQCh. 2 - Prob. 3SQCh. 2 - Prob. 4SQCh. 2 - Prob. 5SQCh. 2 - Prob. 6SQCh. 2 - Prob. 7SQCh. 2 - Prob. 8SQCh. 2 - Prob. 9SQCh. 2 - Prob. 10SQCh. 2 - Prob. 11SQCh. 2 - Prob. 12SQCh. 2 - Prob. 13SQCh. 2 - Prob. 14SQCh. 2 - Prob. 15SQCh. 2 - Prob. 16SQCh. 2 - Prob. 17SQCh. 2 - Prob. 18SQCh. 2 - Prob. 19SQCh. 2 - Prob. 20SQ
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