Given that resources are scarce,
A)A "free lunch" is possible,but only for a limited number of people.
B)Opportunity costs are experienced whenever choices are made.
C)Poor countries must make choices,but rich countries with abundant resources do not have to make choices.
D)Some choices involve opportunity costs while other choices do not.

Question

Quizplus · Accepted Answer

Scarcity of resources means that choices have to be made. Whenever choices are made, there are opportunity costs incurred. This is because the resources used in one way cannot be used in another way, resulting in the opportunity cost of the next best alternative forgone.

Given That Resources Are Scarce