Rational production decisions require an understanding of
A)trade-offs.
B)opportunity costs.
C)scarcity of resources.
D)All of the above are correct.

Name: Rational production decisions require an understanding of A)trade-offs. B)opportunity costs. C)scarcity of resources. D)All of the above are correct.
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Question

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Rational production decisions require an understanding of trade-offs, opportunity costs and scarcity of resources. All of these factors are important in making optimal production decisions.

Rational Production Decisions Require an Understanding of