Why in spite of great technological progress does the economic problem of scarci
ID: 1168969 • Letter: W
Question
Why in spite of great technological progress does the economic problem of scarcity still plague society? because of the mistakes of past presidential administrations because existing resources still cannot fulfill all human wants because the resources from the earth have always been meager because technological progress has been really slowing down since 1990 Which of the following definitely occurs with both an increase in demand and an increase in supply? an increase in price. a decrease in price. an increase in quantity bought and sold in the marketplace a decrease in the quantity both bought and sold in the marketplace The once of ice cream sodas decreases and you enjoy more ice cream sodas. This is an example of .The price of hamburgers increases suddenly, and the neighborhood hamburger restaurant stays open 24 hours a day (They used to close at 9:00.) This is an example of law of demand - leftward shift of supply curve the law of demand -law of supply law of supply-law of demand law of demand - also law of demandExplanation / Answer
6b. Because the existing resources still cannot fulfill the human wants
7c. an increase in quantity bought and sold
Reason; An increase in supply typically causes a decrease in the equilibrium price and an increase in the equilibrium quantity. An increase in demand typically causes an increase in the equilibrium price and an increase in the equilibrium quantity.
8b. law of demand and low of supply
Reason; The law of supply states that the quantity of a good supplied (i.e., the amount owners or producers offer for sale) rises as the market price rises, and falls as the price falls. Conversely, the law of demand (see demand) says that the quantity of a good demanded falls as the price rises, and vice versa.
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