Because Resources Are Scarce,individuals Are Required to

question 15

Multiple Choice

Because resources are scarce,individuals are required to

• A)make choices among alternatives.
• B)use resources inefficiently.
• C)sacrifice production but not consumption.
• D)improve distribution but not production.
• E)improve production but not distribution.

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Definitions:

Environmental Standard

Regulations and criteria set by governments or international bodies to protect the environment and limit pollution.

Quantity of Pollution

This term refers to the amount or volume of pollutants released into the environment, typically measured in terms of mass per unit time.

Marginal Social Cost

The additional cost imposed on society due to the production or consumption of one more unit of a good or service.

Competitive Market

A market structure characterized by a large number of buyers and sellers, free entry and exit, and a product that is homogenous across suppliers, leading to price competition and efficiency.