Answered: Which of the following resources is the…

Which of the following resources is the most rival? A- A music concert at a city park. B-A full moon. C-An interstate highway D-A zoo. E-The labor of a hair stylist

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter2: Thinking Like An Economist

Section: Chapter Questions

Problem 2PA

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Concept explainers

Welfare Analysis

Welfare analysis of the society is related to welfare economics. From the economic point of view former welfare economics refers to that subject which uses the techniques of microeconomics to analyse and evaluate the welfare at the economic or aggregate level.

Question

1.Which of the following resources is the most rival?

A- A music concert at a city park. B-A full moon. C-An interstate highway

D-A zoo. E-The labor of a hair stylist

2.Which of the following is considered a basic economic question?

A-What are the most advantageous terms of trade?

B-When does marginal cost equal marginal benefit?

C-Which economy enjoys a lower opportunity cost for this good?

D-What is essential knowledge to pass on to the next generation?

E-What goods and services should be produced?

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