Because of Scarcity

question 158

Multiple Choice

Because of scarcity:

• A) we must sacrifice valuable alternatives to obtain more goods and services we desire.
• B) the opportunity cost of consumption is zero.
• C) we can obtain more of a desirable good without sacrificing other goods and services.
• D) shortages of goods prevail at current market prices.

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Definitions:

Moral Standards

Principles concerning the distinction between right and wrong or good and bad behavior, often culturally defined and personally or socially enforced.

Rationalization

The process of explaining an often undesirable behavior or feeling in a logically acceptable way, distancing oneself from the true underlying motivations.

Ethical Course

A direction of action that aligns with moral principles and professional integrity.

Misconception

A misconception is a view or opinion that is incorrect because it is based on faulty thinking or understanding.