When the number of firms in a market decreases,

Refer to the following figure. At a price of $15, this market is experiencingClick to view larger image.

Decision makers engage in marginal thinking by

In economics, decisions are necessary because ________ are scarce, while ________ are practically unlimited.

According to economic thinking, the presence of scarcity requires

Suppose there is a country where factory production creates a lot of the air pollution. What could be a possible trade-off if the country wanted to lower the levels of pollution?

2.7.1   You wish to place a heading above row 1. Briefly explain how you would go about doing this. (2)

Private charities offer numerous arts subsidies through grants and low-cost equipment to summer camps. Because of this, we expect that the equilibrium price of arts education will ________ and the equilibrium quantity of students will ________.

In a competitive market, the price of the product is

Which point on the graph below is unattainable because the economy does not have enough resources to produce it? Click to view larger image.