In Economics production is complete when?

A. Goods are manufactured in the factories B. are sold to the final consumer C. goods and services are distributed by the government D. producers fixed the price of goods produced E. goods and services get to the retailer Correct Answer: Option B – are sold to...
Which of the following has a derived demand?

Scarcity in Economics means that?

A. the economy can scarcely produce anything B. human wants are limitless C. the economy has very few resources D. human wants are limited, relative to resources E. resources are limited relative to wants Correct Answer: Option E – resources are limited relative...
Which of the following has a derived demand?

An important feature of a cartel is that?

A. members do not reduce price below the cartel price B. each member has a fixed output above which it is not expected to produce C. a powerful member fixes the price at which others will sell D. membes fix the prices for their products Correct Answer: Option B...

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