Which of the Following Is a Result of Scarcity

question 63

Multiple Choice

Which of the following is a result of scarcity?

• A)Costs are incurred in making choices.
• B)We attempt to utilize our resources as efficiently as possible.
• C)We must make choices between production possibilities.
• D)We are unable to produce all we would like to produce.
• E)All of these.

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Definitions:

Bounded Rationality

The concept that when individuals make decisions, their rationality is limited by the information they have, the cognitive limitations of their minds, and the finite amount of time they have to make a decision.

Political Acceptability

The degree to which a policy, action, or decision is considered acceptable by political entities and the general public.

Organizational Members

Individuals who are part of a company or institution and contribute to its goals and culture.

Maximization

The choice of the decision alternative with the greatest expected value.