Scarcity implies that the allocation decision chosen by society can
a) not make more of any one good.
b) always make more of any good.
c) typically make more of one good but at the expense of making less of
another.
d) always make more of all goods simultaneously.
Explanation: Scarcity implies that choices involve trade-offs.
AACSB: Reflective Thinking
Accessibility: Keyboard Navigation
Blooms: Understand
Difficulty: 02 Medium
Gradeable: automatic
Learning Objective: 01-01
Topic: Economics and Opportunity Cost