Which principle states that "individuals facing limited resources must make choices, and each choice involves a cost"? A. The principle of demand and supply B. The scarcity principle C. The principle of comparative advantage D The marginal utility principle

Which principle states that "individuals facing limited resources must make choices, and each choice involves a cost"? A. The principle of demand and supply B. The scarcity principle C. The principle of comparative advantage D The marginal utility principle

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Which principle states that "individuals
facing limited resources must make choices,
and each choice involves a cost"?
A. The principle of demand and supply
B. The scarcity principle
C. The principle of comparative advantage
D. The marginal utility principle

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