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Questions and Answers
What is scarcity?
What is scarcity?
- A situation where resources are unlimited
- A situation where resources are insufficient to meet demand (correct)
- A situation where resources are easily accessible
- A situation where resources are evenly distributed
How does scarcity impact decision-making?
How does scarcity impact decision-making?
- It simplifies decision-making
- It complicates decision-making (correct)
- It ensures unlimited resources for decision-making
- It has no impact on decision-making
What is the relationship between scarcity and opportunity cost?
What is the relationship between scarcity and opportunity cost?
- Scarcity increases opportunity cost (correct)
- Scarcity has no influence on opportunity cost
- Scarcity decreases opportunity cost
- There is no relationship between scarcity and opportunity cost
