If There Is No Scarcity

question 266

Multiple Choice

If there is no scarcity,

• A)all marginal benefits would equal zero.
• B)the opportunity cost of an action would be greater than its sunk cost.
• C)choices are no longer rational.
• D)the marginal cost of an action is greater than its marginal benefit.
• E)an action would have zero opportunity cost.

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Definitions:

Sample Size

The number of observations or entities included in a sample, which represents a portion of the total population.

Cumulative Frequency

The running total of frequencies up to a certain point in a set of data.

Total Number

The cumulative count of all elements or instances within a specific set or collection.

Upper Class Limits

The maximum value within a class interval in a frequency distribution, where classes are used to group data.