Question

9. The state of nature in which there is less stuff available than what people would like to have is known as _______________________.

10. A good is allocated efficiently when all consumers have the same ________________________.

11. A production possibility frontier shows _________________________ marginal __________________ as more of a particular good is produced.

7. Rent control is an example of a price ______________________ while minimum wage is an example of a price _________________________.

8. A negative tax is called a ________________________. This will generally cause output to be __________________ than the efficient quantity.

9. As someone gets more of a good, their ____________________ value increases and their ______________________ value decreases

Answer 1