Scarcity in Microeconomics
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Questions and Answers

What is the impact of scarcity on the production possibilities curve?

  • It causes the curve to shift outward
  • It has no impact on the curve
  • It causes the curve to become steeper
  • It causes the curve to shift inward (correct)

    • Which of the following best describes scarcity in microeconomics?

  • A situation where there is no demand for resources
  • A situation where there is a limited availability of resources relative to unlimited wants (correct)
  • A situation where there is an abundance of resources
  • A situation where there is an equal distribution of resources

    • Which of the following is an example of a scarce resource in microeconomics?

  • Time (correct)
  • Air
  • Water
  • Sunlight

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