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Answer 2 questions fully: 43.  A. What is scarcity and why d…

Posted byAnonymous November 10, 2025November 10, 2025

Questions

Answer 2 questiоns fully: 43.  A. Whаt is scаrcity аnd why dоes it exist?         B. Explain the link between scarcity and each оf the following: choice, opportunity cost, the need for a rationing device, competition. 44.  Define equilibrium price and the conditions that exist when a market is not in equilibrium. Describe the process by which market forces drive a price toward equilibrium when an initial disequilibrium condition exists (e.g., a price that is too high). 45.  A government, hoping to make bread more affordable for low-income citizens, imposes a binding price ceiling on all types of bread. a) Analyze the short-run intended benefit and two unintended consequences of this price ceiling, using the economic concepts discussed in the chapter. b) How would this action impact the function of price as a transmitter of information?

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Tags: Accounting, Basic, qmb,

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