Why Would Economics as a Science Cease to Exist Without

question 1

Multiple Choice

Why would economics as a science cease to exist without the concept of scarcity?

• A) Consumers and producers would no longer have to make the trade-offs between alternatives that create the economic problem.
• B) Producers would be unable to maximize their profits because consumers would hold all of the economic power.
• C) Markets would cease to exist because there would no longer be a distinction between consumers and producers.
• D) Non-market institutions would take over the role formerly held by producers and be governed by interests unrelated to profit.