Q2:Scarcity exists when there are A)unlimited resources. B)an excess of supply. C)constrained choices. D)fear-mongering politicians. Q43:...

Q2:Scarcity exists when there are

A)unlimited resources.

B)an excess of supply.

C)constrained choices.

D)fear-mongering politicians.

Q43:

The ________ cost of an activity is the highest valued alternative that must be given up to engage in that activity.

		sunk
		opportunity
		fixed
		variable

Solutions

Expert Solution

Answer (2) : Correct option is constrained choices.

Answer (43) : Correct option is opportunity.

Explanation :-

Scarcity occurs when there are limited resources available but people's needs and wants for that resources is unlimited. In other words, we can say that scarcity occurs when there is decrease in supply or increase in demand for that goods/resources. So, we can say that scarcity occurs when there is constrained in the choices regarding that goods/resources. It means in scarcity, we are forced to make choices among two or more alternatives.

Opportunity cost is the most desirable alternative that is given up/sacrifice as a result of a decision regarding an economic choice, since unlimited wants are not satisfied by limited resources. So, opportunity cost of an activity is the highest valued alternative that must be given up to engage in that activity is the correct answer to this question.

Rahul Sunny answered 1 year ago

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