Why must some resources be allocated?Group of answer choicesBecause supply exceeds demandBecause they are scarceBecause they are abundantBecause of hoarding

Markets fail to allocate resources efficiently whenGroup of answer choicesproperty rights are not well established.demanders and suppliers cannot agree on a price.goods are rival in consumption and excludable.too many buyers and sellers exist in the same market.

The signals that guide the allocation of resources in a market economy areGroup of answer choicesprices.surpluses and shortages.government policies.quantities.

Economics is concerned with understanding how limited resources are most likely to be allocated or used.ATrueBFalse

When resources are allocated in such a way that it is possible to increase the production of one good without decreasing the production of another, then the allocation of resources is:Multiple choice question.inefficient.optimal.efficient.possible.

Multiple Choice QuestionThe existence of a good or service that no one wants to buy will have which of following effects on the resources used to produce it?Multiple choice question.There will be no surplus for the resources used.There will be no supply for the resources used.There will be no demand for the resources used.There will be no shortage for the resources used.