Answer the following questions using the concepts of managerial economics 1. True or False? Scarcity is the condition of nite resources. Explain your answer. 2. As Marc Lester's income rises, his demand for popcorn rises. As Laila's income falls, her demand for prepaid telephone cards rises. What kinds of goods are popcorn and telephone cards for Marc Lester and Laila? 3. What factors can change demand? What factors can change quantity demanded? 4. Your economics instructor says, \"If the price of going to the concert goes down, people will. go to the concert more often." A student in the class says, "Not if the quality of the concert goes down." Who is right, the economics instructor or the student