Question

QUESTION 26

1. Use the table in the attachment to quiz #1 to answer questions 25, 26, and 27:
   Using the data in the table, at the price of $80 a phone, a

	A.	Shortage of 25 thousand cellular telephones occurs.
	B.	Surplus of 80 thousand cellular telephones occurs.
	C.	Surplus of 25 thousand cellular telephones occurs.
	D.	Shortage of 55 thousand cellular telephones occurs.

3.0304 points   

QUESTION 27

1. Use the table in the attachment to quiz #1 to answer questions 25, 26, and 27:
   Using the data in the table, at the price of $20 a phone, a

	A.	Surplus of 40 thousand cellular telephones occurs.
	B.	Surplus of 60 thousand cellular telephones occurs.
	C.	Shortage of 60 thousand cellular telephones occurs.
	D.	Shortage of 100 thousand cellular telephones occurs.

3.0304 points   

QUESTION 28

1. The marginal benefit of a good or service usually

	A.	Decreases as we consume more of it.
	B.	Stays the same as we consume more of it.
	C.	Decreases as we consume less of it.
	D.	Increases as we consume more of it.

QUESTION 1

1. Economics is best defined as

	A.	How to satisfy all of our wants.
	B.	Making choices with unlimited wants but facing with a scarcity of resources.
	C.	How people make money and profits in the stock market.
	D.	Making choices from unlimited supply of goods and services.

Answer 1

28) The correct option is A) The marginal benefit of a good or service usually decreases as we consume more of it.
The maximum amount a customer is willing to pay for an additional good or service is known as the marginal benefit and it tends to decrease when consumption increases.

29) The correct option is B) Economics is best defined as making choices with unlimited wants but facing a scarcity of resources.
It is defined as how individuals decide to use scarce resourses to satisfy their needs.