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Which factor does NOT partially explain wage differentials?
Scarcity
At the heart of economic challenges lies the conflict between boundless human demands and the scarcity of resources.
Goods
Tangible products that are manufactured, bought, or sold, fulfilling the needs or desires of consumers.
Choices
The act of selecting between two or more possibilities or options in a decision-making process.
Rationing
Allocating a limited supply of a good or resource among people who would like to have more of it. When price performs the rationing function, the good or resource is allocated to those willing to give up the most “other things” in order to get it.
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