TRUE$/$FALSE$.$ Write $\text{'}$T$\text{'}$ if the statement is true and $\text{'}$F if the statement is false.

$1)$ Scarcity results when available resources cannot satisfy all desired uses of those resources.

$2)$ Critics of government regulation argue that government interference in the marketplace stifles the animal spirits of entrepreneurship.

$3)$ Opportunity cost is a theoretical concept with no practical application.

$4)$ Every time we use scarce resources in one way, we give up the opportunity to use them

in other ways.

$5)$ The production possibilities decrease as more resources and better technology are utilized.

$6)$ All output combinations that lie outside a production possibilities curve are attainable with available resources and technology.

$7)$ Output combinations that lie inside the production possibilities curve are characterized by efficient use of resources.

$8)$ If the economy is inside the production possibilities curve, then more output can be produced using existing resources.

$9)$ All economies must make decisions concerning what to produce, how to produce it$,$ and for whom to produce.

$10)$ The essential feature of the market mechanism is the price signal.

$11)$ Government failure occurs when government intervention fails to improve economic outcomes or makes them worse.

$12)$ Microeconomics is concerned with individual performance as well as the economy as a whole.

$13)$ As a result of specialization and trade, individuals no longer have to make choices about how to spend their incomes.

$14)$ The basic goals of total utility maximization, total profit maximization, and total welfare maximization explain most market activity.

$15)$ Unlike consumers and business firms, the public sector has no maximizing goals.

$16)$ One of the two reasons why we are driven to buy and sell goods and services in the market is that most of us are incapable of producing everything we want to consume.

$17)$ Markets require a physical location to permit sellers to supply money to buyers for goods and services.

$18)$ Land, labor, and capital are bought and sold in the product market.

$19)$ Government goods are delivered "free," which means that they are costless$.$

$20)$ Money is critical in facilitating market exchanges and the specialization that these exchanges permit.

$21)$ "Demand" is a statement of actual purchases.

$22)$ According to the law of demand, a decrease in price leads to an increase in quantity demanded.

$23)$ If the prices of the factors used to produce a good change, both the demand curve and the supply curve of the good will shift.

$24)$ An increase in the price of one good can cause the demand for another good to increase if the goods are substitutes.

$25)$ An increase in the price of one good can cause the demand for another good to increase if the goods are complements.

$26)$ When the number of buyers in a market changes, the market demand curve shifts even if individual demand curves do not shift.

$27)$ The supply curve shifts to the right when a seller sells a good.

$28)$ When individual supply curves shift, ceteris paribus, the market supply curve shifts.

$29)$ The law of supply and the law of demand both rely on the concept of opportunity cost.

$30)$ The market price equals the equilibrium price if quantity demanded equals quantity supplied at the market price.