Because of Scarcity

question 40

Multiple Choice

Because of scarcity

• A) individuals and societies are allowed no choice about which wants and needs to satisfy.
• B) individuals and societies must choose which wants and needs to satisfy.
• C) all choices about wants and using resources must be made by the government.
• D) choices can be made about which wants to satisfy,but not about which resources to use.
• E) choices must be made about which resources to use,but not about which wants to satisfy.

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Definitions:

Economic Profit

The difference in total funds acquired and total expenditures, both straightforward and oblique, for a corporation.

Pure Monopolist

A market structure characterized by a single seller selling a unique product with no close substitutes, having complete control over its price.

Maximize Profits

The goal of increasing a firm's net income by effectively managing costs, pricing, production, and sales strategies.

Minimize Losses

Strategies or actions taken to reduce the amount of money or resources wasted or not gained in operations or transactions.