Question

can someone help with these stud guide questions

1. When you consider the production of the required resources, how many people does it take to make a pizza?

- Only one if the individual is an experienced chef.

- One individual could do it, but the cost of producing the pizza will be lower if two employees produce the pizza.

- Thousands, because numerous individuals will be required to produce the resources involved in the production of the pizza.

- It depends on the number of slices of the pizza.

2. The imposition of a price ceiling below the market equilibrium price of a good will generally lead to

- an increase in investment designed to expand the future supply of the good.

- a surplus of the good in the market.

- a shortage of the good in the market.

- an improvement in the quality of the good purchased.

3. When property is owned in common, i.e. not owned by anyone, then

the incentives to conserve resources are improved.

people will take better care of the property.

there will be a strong incentive to use the property in a manner that will benefit the general public.

the property will be used less productively.

Answer 1

1. When we consider the production of the required resources then the number of people it take to make a pizza - ans. Only one if individual is experienced chef. One individual can make a pizza if the individual is experienced enough to make pizza.

2. The imposition of a price ceiling below the market equilibrium price of a good will generally lead to - a shortage of the good in the market.

When price ceiling will be there the market price will be lower than the equilibrium price and at this price demand will be more than the supply. There will be shortage because at lower price demand is more than the supply of the good.

3. When property is owned in common, i.e not owned by anyone, then - the property will be used less productively.

When a property is common then people do not think about using it properly and they do not care those property and for that they do not use that resource productively. They do not think about productive use. As a result it is used less productively.