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
Economics (MindTap Course List)
13th Edition
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Roger A. Arnold
Chapter1: What Economics Is About
Section1.2: A Definition Of Economics
Problem 3ST
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![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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F0b96cf0d-7cc7-4cda-885f-3f882ddc9cf3%2F1e895267-da7d-4678-ac37-037b760fe665%2Fjgy90uw_processed.png&w=3840&q=75)
Transcribed Image Text: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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