Microeconomics (13th Edition)
13th Edition
ISBN: 9780134744476
Author: Michael Parkin
Publisher: PEARSON
expand_more
expand_more
format_list_bulleted
Question
Chapter 5.1, Problem 2RQ
To determine
Identify the alternative methods of allocating scarce resources.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solutionStudents have asked these similar questions
Opportunity costs arise due toa. resource scarcity.b. lack of alternatives.c. limited wants.d. abundance of resources.
Define the term natural resources
Describe the different methods of allocation scarce resources
Chapter 5 Solutions
Microeconomics (13th Edition)
Ch. 5.1 - Prob. 1RQCh. 5.1 - Prob. 2RQCh. 5.1 - Prob. 3RQCh. 5.1 - Prob. 4RQCh. 5.2 - Prob. 1RQCh. 5.2 - Prob. 2RQCh. 5.2 - Prob. 3RQCh. 5.2 - Prob. 4RQCh. 5.2 - Prob. 5RQCh. 5.2 - Prob. 6RQ
Ch. 5.3 - Prob. 1RQCh. 5.3 - Prob. 2RQCh. 5.3 - Prob. 3RQCh. 5.4 - Prob. 1RQCh. 5.4 - Prob. 2RQCh. 5.4 - Prob. 3RQCh. 5.4 - Prob. 4RQCh. 5 - Prob. 1SPACh. 5 - Prob. 2SPACh. 5 - Prob. 3SPACh. 5 - Prob. 4SPACh. 5 - Prob. 5SPACh. 5 - Prob. 6SPACh. 5 - Prob. 7SPACh. 5 - Prob. 8SPACh. 5 - Prob. 9SPACh. 5 - Prob. 10SPACh. 5 - Prob. 11APACh. 5 - Prob. 12APACh. 5 - Prob. 13APACh. 5 - Prob. 14APACh. 5 - Prob. 15APACh. 5 - Prob. 16APACh. 5 - Prob. 17APACh. 5 - Prob. 18APACh. 5 - Prob. 19APACh. 5 - Prob. 20APACh. 5 - Prob. 21APACh. 5 - Prob. 22APACh. 5 - Prob. 23APACh. 5 - Prob. 24APACh. 5 - Prob. 25APACh. 5 - Prob. 26APACh. 5 - Prob. 27APA
Knowledge Booster
Similar questions
- what is the potential opportunity cost of the Federal government unsing tax revenue to purchase 10,000 acres in florida for a bird sanctuaryarrow_forwardIllegal fishing activities are an indication of inefficient resource allocation. Do you agree with this statement? Explain your answer.arrow_forwardHow to strategise and prioritise within scarce resources?arrow_forward
- Social cost associated with a community owned resource can be internalized if a) the state imposes a tax on the user of the resource b) people are considerate of others account for the social cost in their consumption of the resource c) the community owned resources is converted to a privately-owned resource d) all of the abovearrow_forwardWhat might happen to the cost of a resource as it becomes scarcer?arrow_forwardExplain the principal laws of environmentarrow_forward
- Do you think companies are concerned with protecting the environment when they choose to reduce resource use? Explain why they might be. What other reasons might they have for reducing the use of resources?arrow_forwardWhich of the following are signals to the owners of scarce resources about the best uses of those resources? A. Profits of businessesB. Government regulationsC. Economic indicatorsD. The accounting cost of those resourcesarrow_forwardEconomics is the study of the allocation of the abundant resources in a country. True Falsearrow_forward
- Describe aspects of environmental economics and ecological economicsarrow_forwardExplain how the over-allocation or over production of goods and services can lead to market failure and unsustainable development.arrow_forwardWhat is a scenario that demonstrates the concepts of scarcity, choice, and opportunity cost in the utilization of economic resources.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- Microeconomics: Principles & PolicyEconomicsISBN:9781337794992Author:William J. Baumol, Alan S. Blinder, John L. SolowPublisher:Cengage Learning
Microeconomics: Principles & Policy
Economics
ISBN:9781337794992
Author:William J. Baumol, Alan S. Blinder, John L. Solow
Publisher:Cengage Learning