In economics,scarcity means that
A) A shortage of a particular good will cause the price to fall.
B) A production possibilities curve cannot accurately represent the trade-off between two goods.
C) Society's desires exceed resources available.
D) The market mechanism has failed.
Correct Answer:
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Q13: The "guns versus butter" dilemma that all
Q14: With respect to factors of production,which of
Q15: Given that resources are scarce,
A)A "free lunch"
Q16: Which of the following is not a
Q17: Which of the following is the best
Q19: Factors of production are
A)Scarce in every society.
B)Scarce
Q20: The opportunity cost of studying for an
Q21: The production possibilities curve illustrates
A)The limitations that
Q22: Which of the following events would allow
Q23: Which of the following is not a
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