Which of the following is correct?
A)Scarcity forces choice which involves opportunity costs.
B)Choice causes scarcity which involves increasing costs.
C)Choice causes scarcity which involves opportunity costs.
D)Scarcity forces choice which involves increasing costs.

Question

Quizplus · Accepted Answer

Scarcity refers to the limited availability of resources in relation to the unlimited wants and needs of individuals or society. This scarcity forces individuals to make choices which involve the consideration of opportunity costs - the cost of the next best alternative forgone in making a decision. Therefore, option A is correct, as it correctly states that scarcity forces choice which involves opportunity costs.

Which of the Following Is Correct