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Microeconomics

13th Edition
Roger A. Arnold
ISBN: 9781337617406

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BuyFindarrow_forward

Microeconomics

13th Edition
Roger A. Arnold
ISBN: 9781337617406
Textbook Problem

How does choice arise out of scarcity?

To determine

Explain how choices arise out of scarcity.

Explanation

Scarcity is a situation in which the human wants are greater than the available resources. Generally, choices arise due to scarcity because there are limited resources and unlimited wants or unlimited wants are more than that of available resources...

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