Which statement is CORRECT?
A)Resource scarcity is not a major concern in the rich countries of the world.
B)Most opportunity costs are zero.
C)An economic situation is in equilibrium when no individual would be better off taking a different action.
D)Some very talented,skilled individuals who can do everything better than most people should not specialize in doing any one thing.

Question

Quizplus · Accepted Answer

This statement is a correct definition of economic equilibrium. A is incorrect because resource scarcity is still a concern in rich countries, albeit to a lesser extent. B is incorrect because opportunity costs are always present, as every decision involves giving up something else. D is incorrect because even very talented individuals benefit from specializing in a specific area, as it allows them to hone their skills and become even better in that area.

Which Statement Is CORRECT