In a price system, if the most someone is willing to pay for a good is less than the minimum cost of producing it, then
A) the resources used to produce the good are not scarce.
B) the good will not be produced.
C) government will restrict production of the good.
D) firms will supply the good at a price below the cost of production.
Correct Answer:
Verified
Q5: An economic system
A) is a means of
Q6: The condition of scarcity means that
A) when
Q7: The purpose of an economic system is
Q8: In a free market economy,
A) prices affect
Q9: Markets tend to
A) exist primarily in towns
Q11: How does a consumer decide whether to
Q12: The relative scarcity of a good is
Q13: Before purchasing a good, a customer will
Q14: Suppose new research shows that soymilk and
Q15: A newspaper headline asserts: "Rising Demand Pulls
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