Distinguish between the following concepts: I. Microeconomics and macroeconomics II. II. Scarcity and choice III. Opportunity cost and scale of preference. b. With the aid diagrams show the differences between the following: I. Increase in demand and increase in quantity demand II. Decrease in supply and decrease in quantity supplied III. Price ceiling and price floor
Distinguish between the following concepts: I. Microeconomics and macroeconomics II. II. Scarcity and choice III. Opportunity cost and scale of preference. b. With the aid diagrams show the differences between the following: I. Increase in demand and increase in quantity demand II. Decrease in supply and decrease in quantity supplied III. Price ceiling and price floor
Chapter1: The Role And Method Of Economics
Section: Chapter Questions
Problem 3P
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Distinguish between the following concepts:
I.
II. II. Scarcity and choice
III.
b. With the aid diagrams show the differences between the following:
I. Increase in
II. Decrease in supply and decrease in quantity supplied
III.
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