54. The best example of a common property resource is:

Choose the letter.

A. the electromagnetic spectrum.

B. transportation.

C. automobiles.

D. clothing.

52. Supply is best defined as the:

A. relationship between the quantity of a good or service buyers are able to purchase, all other things unchanged.

B. relationship between the quantity of a good or service buyers are willing to purchase, all other things unchanged.

C. relationship between the quantity of a good or service sellers are willing to offer for sale and various prices, all other things unchanged.

D. quantity of a good or service sellers are willing to offer for sale at a specific price, all other things unchanged.

49. Scarcity in economics means:

A. not having sufficient resources to produce all the goods and services we want.

B. the wants of people are limited.

C. there must be poor people in rich countries.

D. economists are clearly not doing their jobs.