The Economics of Scarcity

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By GroundbreakingGray

Quiz

Flashcards

5 Questions

Which of the following is NOT a factor considered in microeconomics?

What is the concept explored in microeconomics that refers to the potential benefits missed out on when choosing one option over another?

What is the term used in microeconomics to describe the maximum amount a consumer is willing to pay for an additional good or service?

What is the term used in microeconomics to describe the change in production cost when manufacturing more than one unit?

What do social implications of choice in microeconomics refer to?

Description

Test your knowledge of economics and understand the central economic problem of scarcity. Learn about the choices involved in production and consumption and how it affects society.

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