Question
Which of the following is not a false statement in economics? The law of demand states that, other things being equal for a rational demander
Which of the following is not a "false" statement in economics?
The law of demand states that, other things being equal for a rational demander and a normal product, the higher the price of the product, the lower the quantity demanded from that product, and vice versa.
Scarcity means that the available economic (limited) resources are enough to produce the goods and services necessary to satisfy all of the unlimited human wants.
The production possibility frontier (PPF) for an economy illustrates the different combinations between two products that an economy can produce when all resources are fully employed, with an unchanged available amounts of resources, and for a level of technology that only advances and never regresses.
Points along the country's production possibilities frontier (PPF) are feasible and efficient in the production, while points below the country's PPF are infeasible and inefficient in the production.
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