The human wants for goods, services and resources exceed what is available, is known as

USE FIGURE #1:  A construction boom occurs and many of the new buildings need plywood for their framing.  Which of the figures above best illustrates this change? Group of answer choices Figure A or Figure C Figure A Figure C Figure D Figure B

2. Which of the following is NOT a key principle of economics? Question 2 options:   Scarcity       Soverginity       Efficiency       All of the above are key principles of Economics

Suppose the price of reusable straws is $25 and the price of Apple Air Pods is $100. What is the opportunity cost of Apple Air Pods in terms of reusable straws?  Group of answer choices 5 reusable straws 4 reusable straws 1/4 of a reusable straw $25 25 reusable straws

Dr Rafiu is planning to send his son to study Finance either at KFUPM or Imam Abdulrahman Bin Faisal University, ceteris paribus. When the session is about to start, the school fees of KFUPM increases while that of Imam Abdulrahman Bin Faisal University remain the same. So, Dr Rafiu decides to enroll his son at Imam Abdulrahman Bin Faisal University.    (a) What kind of goods can you classify the two universities from the perspective of Dr Rafiu? (b) What is the nature of elasticity facing Dr Rafiu (hint: elastic, inelastic, Unitary)

Altruism: now consider the case where each individual cares about the benefit from the museum to the other two. For example, any additional utility to Alice or Bianca is also a utility gain for Claire. Hint: for each person, the total marginal benefit is TMB= MBA+ MBB+MBC Find each person’s optimal number of art works. Who will contribute and how many works of art will be provided?

I need help answering questions a, b, c, d, ei and eii. (please show all work)    thank you!!

(II) The consumer has the income m = 50 and prices of the two goods are p 1 = 5 and p2 = 2. (a) Find the budget set of this consumer. What is the opportunity cost of good 2 in terms of good 1? (b) Suppose the price of good 2 increases to p 2' = 10. What is now the budget set. (c) Suppose now that also income increases to m = 250 and that the price of good 1 increases to 25. What is now the budget set? Compare with the budget set you found in (a) and comment!

8. The interaction of individual choices Because eels are highly endangered as a species, many governments enact laws prohibiting fishing along their migration route. Initially, eel fishers complain about this restriction on the locations they can fish, but after a while they notice that the number eels swimming outside regulated areas is much higher than it was before. With the laws in place, eel fishers end up catching a greater quantity of eels than they did prior to the enactment of the laws. Which of the following principles of economic interaction best describes this scenario? O Markets allocate goods effectively. O When markets do not achieve efficiency, government intervention can improve overall welfare. O There is a tradeoff between equality and efficiency. O Markets usually lead to efficiency.

Question: Imagine a small town where all residents buy their groceries from two stores: GreenGrocer and Fresh Finds. Initially, both stores charge the same prices and have the same number of customers. One month, GreenGrocer decides to decrease the price of all their fruits and vegetables by 10% to attract more customers. Assuming the quality of goods and the level of service at both stores remain constant, answer the following: 1. What economic principle explains why customers might start shopping more at GreenGrocer than at Fresh Finds? 2. If Fresh Finds does not change its prices, what could be the likely outcome for its business? 3. How might Fresh Finds respond to GreenGrocer's price reduction to maintain its customer base?