Which of the following statements is consistent with the concept of scarcity? Poor consumers have limited funds and must purchase only cheap goods. Some firms sell goods at higher prices than others. Some items, like diamonds, are very rare and therefore expensive. Firms do not provide goods for free, and people do not have unlimited income to buy goods. Juan receives utility from consumption of oranges, qO, and mangoes, qM. His utility function is u(qO,qM)=qOqM. What level of utility does Juan receive if he selects a consumption bundle on the indifference curve shown in the figure? 10 50 30 cannot be determined Blanca's utility function can be represented as U(x,y)=xy, where x represents the number of pupusas she consumes and y represents the number of orders of yucca she consumes. Which bundle of pupusas and yucca will Blanca value the most? (15,15) (14,7) (9,11) (12,8) level of utility and is affordable? B A D C Which of the following statements is consistent with the concept of scarcity? Poor consumers have limited funds and must purchase only cheap goods. Some firms sell goods at higher prices than others. Some items, like diamonds, are very rare and therefore expensive. Firms do not provide goods for free, and people do not have unlimited income to buy goods. Juan receives utility from consumption of oranges, qO, and mangoes, qM. His utility function is u(qO,qM)=qOqM. What level of utility does Juan receive if he selects a consumption bundle on the indifference curve shown in the figure? 10 50 30 cannot be determined Blanca's utility function can be represented as U(x,y)=xy, where x represents the number of pupusas she consumes and y represents the number of orders of yucca she consumes. Which bundle of pupusas and yucca will Blanca value the most? (15,15) (14,7) (9,11) (12,8) level of utility and is affordable? B A D C