Because Resources Are Scarce, a Society Cannot Give All Individuals

question 98

True/False

Because resources are scarce, a society cannot give all individuals the standard of living to which each aspires.

---

Definitions:

Perfectly Competitive Industries

Markets where no single buyer or seller has the power to influence prices, and where products are homogeneous and information is freely available.

Easily Enter And Exit

A term used to describe a market condition where barriers to entry and exit are low, allowing for free movement of firms into and out of the industry.

Homogeneous Products

Products that are identical in quality and cannot be distinguished by consumers, making them perfect substitutes.

Marginal Revenue

The additional revenue that a firm receives from selling one more unit of a product or service.