Micro Economics For Today
10th Edition
ISBN: 9781337613064
Author: Tucker, Irvin B.
Publisher: Cengage,
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Question
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
Micro Economics For Today
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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- Why should the economic decision be based on the objective of making the best use of limited resources?arrow_forwardcan you please explain this concept with other examples as wellarrow_forward“If resources were unlimited and were freely available, there would be no subject called “Economics”. What is the meaning of this statement?arrow_forward
- Production Possibility Frontier (PPF) - This graph shows the maximum combination of two goods that an economy can produce, given its resources and technology. It is used to illustrate the concept of opportunity cost and to explain the trade-offs that must be made when choosing how to allocate resources. Show this graph with an example please.arrow_forwardExplain briefly but clearly the concepts of scarcity and opportunity cost. Provide an example of opportunity cost from either your personal or professional experiences. Remember to include explicit costs (able to be measured) and also implicit costs. Then provide an example of an opportunity cost a whole country experiences when society or the government has made a choice.arrow_forwardQuestion 02: Marginal Principle: How Many Hours at the Barber Shop? You are a barber. The opportunity cost of your time spent cutting hair at your barber shop is $20 per hour. Electricity costs $6 per hour, and your weekly rent is $250. You normally stay open nine hours per day. (a) What is the marginal cost of staying open for one more hour? Question 2 options: A) You should include the additional cost of electricity = $6 B) You should include the opportunity cost of your time = $20 C) You should not include the weekly rent of $250. This is not an additional cost to stay open another hour. D) All of the above are true giving a marginal cost of $26. This is the additional cost of staying open one more hour.arrow_forward
- “How to allocate limited resources in an efficient way (as emphasized in an introductory economics course)?” Explain how the topics covered in this course can help address this issue. [Hint: One useful starting point is the role of NPV (decision rule) in addressing the resource allocation issue.]arrow_forwardAnswer all the questions given below and also include sources. Google provides email users with 15GB of “free” storage. Is it really free? If not, what are the costs and who pays them? Theoretically, users who reach their limit also have a third option: they can switch to a different email provider. Why might people be unwilling to do that? Consider the opportunity cost of users’ time associated with spending several hours to delete thousands of emails. If a user is willing to spend 2 hours per week deleting emails to avoid spending $2 per month for storage, what does that say about the value a user places on their leisure time? Is that rational?arrow_forwardWhat is the term for the economic principle that individuals try to get the greatest benefit from a given resource? A) Opportunity Cost B) Marginal Utility C) Supply and Demand D) Rational Choice Theoryarrow_forward
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