The concept of scarcity refers to
A) a situation in which an item is very expensive.
B) a situation in which an item is available only in very small quantities.
C) a situation in which a resource is nonrenewable.
D) a situation in which people face a shortage in a particular market.
E) a situation in which the available resources are not enough to satisfy the wants of the people.
Correct Answer:
Verified
Q15: Economics is a study of
A)choices and interactions
Q16: The economic problem is
A)a lack of money.
B)a
Q17: Economic interactions occur only in the presence
Q18: Choices are made in order to avoid
Q19: A budget constraint
A)does not occur if there
Q21: Stephanie has only one hour to study
Q22: Exhibit 1-2 Q23: An example of opportunity cost is the Q24: Exhibit 1-1 Q25: The opportunity cost of an activity is
A)income
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