--%>

Illustrates the merits of scarcity definition

Illustrates the merits of scarcity definition?

E

Expert

Verified

The merits of scarcity definition are given below:

Scarcity definition is analytical, a positive study, universal in application and considering the theory of opportunity cost. However, this also criticized on the grounds which; this is too narrow and too wide, this offers only light but not fruit, confined to micro analysis and avoids Growth economics.

   Related Questions in Managerial Economics

  • Q : Characteristics of a good policy what

    what is that policy that talks about not changing the policy frequently?

  • Q : Very high fixed costs in contestable

    A market is improbable to be contestable when entry needs new firms to incur very high: (w) variable costs. (x) fixed costs. (y) principal-agent problems. (z) marginal costs. I need a good answer on the topic of Economics <

  • Q : Explain the term average fixed cost

    Explain the term average fixed cost.

  • Q : Wage Rates and Marginal Resource Costs

    When a firm is a price taker into the labor market and the wage is $80 daily, the marginal resource cost incurred while hiring 20 more workers daily is: (w) $80. (x) $1600. (y) $800. (z) $400.

    Q : Explain the assumptions of Law

    Explain the assumptions of Law Diminishing Returns.

  • Q : Implicit Labor Contracts If workers

    If workers accept lower wages in exchange for employer assurances of enhanced job security, employment agreements are illustrations of: (i) credentialism. (ii) comparable worth. (iii) specific training. (iv) an implicit labor contract. (v) human capital.

  • Q : Marginal Factor or Resource Costs The

    The words “marginal factor costs” or “marginal resource costs” taken as to the: (w) extra cost involved in producing an additional resource. (x) extra cost involved while producing an additional unit of a resou

  • Q : Reason of an unexpectedly good

    An unexpectedly good agricultural harvest because of the: (w) profits of most speculators to soar. (x) population growth rate to accelerate. (y) market demand and price to increase. (z) quantity of food demanded to develop. I need

  • Q : States the term Shift in Demand States

    States the term Shift in Demand?

  • Q : Labor-Leisure Trade-offs The relative

    The relative price of leisure rises while there are increases within the: (w) supply of labor. (x) wage rate. (y) cost of living. (z) marginal tax rate on income. Can someone explain/help me with best solution abou