Asked by
melanie rulos
on Nov 26, 2024
Verified
Choices entail marginal costs because resources are scarce.
Marginal Costs
The increase or decrease in the total costs incurred by producing one additional unit of a product or service.
Resources Scarcity
The economic problem of having seemingly unlimited human wants in a world of limited resources.
- Understand the basic economic problem of scarcity and how it requires choices that entail opportunity costs.
Verified Answer
TV
Learning Objectives
- Understand the basic economic problem of scarcity and how it requires choices that entail opportunity costs.