Multiple Choice
How is scarcity related to competition?
A) Competition is an effect of scarcity.
B) Scarcity is an effect of competition.
C) Both scarcity and competition are effects of a rationing device.
D) Both scarcity and competition are effects of opportunity cost.
E) Scarcity produces disutility and competition produces utility.
Correct Answer:
Verified
Correct Answer:
Verified
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