Scarcity and Decision-Making
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Questions and Answers

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?

  • 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?

  • 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

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