Because of Scarcity, _____

question 48

Multiple Choice

Because of scarcity, _____.

• A)we must sacrifice valuable alternatives to obtain more of the 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)society wants a proportion of its population to remain poor
• E)the opportunity cost of production is zero

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Definitions:

Supply Chain

The system of organizations, people, activities, information, and resources involved in supplying a product or service to a consumer.

Markov Models

A statistical model used to model randomly changing systems where it is assumed that future states depend only on the current state and not on the sequence of events that preceded it.

Transitional Probabilities

The likelihood of moving from one state or condition to another, often used in the context of labor markets, health statuses, or economic conditions.

Promotion

An employee's upward advancement in the hierarchy of an organization.