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 the want-satisfying capability of the resources available to satisfy those desires.
D) The market mechanism has failed.
Correct Answer:
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Q1: Which of the following is the best
Q4: Factors of production are
A)Scarce in every society.
B)Scarce
Q6: Given that resources are scarce,
A)A "free lunch"
Q7: The role of the entrepreneur in an
Q8: The "guns versus butter" dilemma that all
Q9: The basic factors of production include
A)Land,labor,money,and capital.
B)Land,labor,money,and
Q9: Economics can be defined as the study
Q10: The opportunity cost of studying for an
Q11: A consequence of the economic problem of
Q20: Opportunity cost is
A)Measured only in dollars and
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