The idea that resources are scarce but wants are unlimited is known as
A)marginal cost
B)opportunity cost
C)sunk cost
D)resource cost
E)production cost

Name: The idea that resources are scarce but wants are unlimited is known as A)marginal cost B)opportunity cost C)sunk cost D)resource cost E)production cost
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Question

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The idea that resources are scarce but wants are unlimited is known as opportunity cost. This means that whenever a choice is made, something else must be given up.

The Idea That Resources Are Scarce but Wants Are Unlimited