Determine whether the statements below describe scarcity or opportunity cost. 1. Ali has to chose between taking a second job or spending more time with his family because his 2. ABC Hospitals are turning away patients as all hospital beds full and staff already on dury. 3. The government of Icelandia decides to reduce spending on affordable housing to increase spendi A. Scarcity. B. Opportunity Cost.

Determine whether the statements below describe scarcity or opportunity cost. 1. Ali has to chose between taking a second job or spending more time with his family because his 2. ABC Hospitals are turning away patients as all hospital beds full and staff already on dury. 3. The government of Icelandia decides to reduce spending on affordable housing to increase spendi A. Scarcity. B. Opportunity Cost.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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