Why would economics as a science cease to exist without the concept of scarcity?
A) Consumers and producers would no longer have to make the trade-offs between alternatives that create the economic problem.
B) Producers would be unable to maximize their profits because consumers would hold all of the economic power.
C) Markets would cease to exist because there would no longer be a distinction between consumers and producers.
D) Non-market institutions would take over the role formerly held by producers and be governed by interests unrelated to profit.
Correct Answer:
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