ECONOMICS
SCARCITY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Jenny has saved some money from babysitting and she now wants to spend some of the money. She either wants to buy a new cell phone or a new Ipad. She decides to buy the phone so what is her opportunity cost?
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cell phone
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Ipad
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new clothes
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savings
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Explanation:
Detailed explanation-1: -The correct option is: b. Consumers must pay higher prices for many items. Explanation: Scarcity is described as circumstances where the wants and requirements of people are limitless, but the resources allocation is limited.
Detailed explanation-2: -Answer and Explanation: b. individuals and societies must choose which wants and needs to satisfy.
There is 1 question to complete.