Choices Entail Marginal Costs Because Resources Are Scarce

question 34

True/False

Choices entail marginal costs because resources are scarce.

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Definitions:

Ambrosia

In classical mythology, the food of the gods, which conferred immortality; in general usage, something very pleasing to taste or smell.

Plowshares

Metal blades fitted to a plow, used in farming to cut through the soil.

Comparative Advantage

The ability of an entity to produce goods or services at a lower opportunity cost than other entities, leading to more efficient economic exchanges.

Production Possibilities Frontier

A curve depicting all maximum output possibilities for two goods, given a set of inputs and production technology.