Scarcity arises from limited resources. For this reason, all economic choices involve

greed.

an educated decision.

complementary ends.

a value judgement.

an opportunity cost.

Solutions

Expert Solution

Ans) Scarcity arises because there are limited resources and unlimited wants. So, we cannot have everything that we want. That is, we have to give up something to get something else. This is known as opportunity cost.

Every action that we take, involves opportunity cost.

Option e (opportunity cost)

Rahul Sunny answered 1 year ago

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