Resources Are

question 142

Multiple Choice

Resources are

• A)​scarce for households but abundant for the whole economy
• B)​abundant for households but scarce for the whole economy
• C)​scarce for households and scarce for the whole economy.
• D)​abundant for households and the whole economy.

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Definitions:

Firm's Output

The total quantity of goods or services produced by a company within a specified period.

Variable Cost

Costs that vary directly with the level of production or service provision, increasing as production increases and decreasing as production decreases.

Fuel Payments

Money expended to cover the cost of fuel, often in the context of transportation, heating, or energy production.

Total Output

The total quantity of goods or services produced by an economy or a firm within a specific period.