Micro Economics For Today
Micro Economics For Today
10th Edition
ISBN: 9781337613064
Author: Tucker, Irvin B.
Publisher: Cengage,
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Chapter 1, Problem 1SQ
To determine

The statement that illustrates the concept of scarcity.

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Analyze the role of scarcity in daily life. Explain why prices are flexible and can always change. Analyze if you were an owner of a store, how would you deal with a shortage/surplus.
Give an example of how scarcity of a product would have an impact on a microeconomic level. Please explain your rationale.
Scarcity means what?           time and resources spent researching a cure for breast cancer are time and resources that could have been spent researching cures for lymphoma.     25 year olds might be more willing to start a family than 35 year olds.     government funding of federal programs equals the amount paid in taxes.     all consumers are assumed to have limited financial resources.     money flows in a circle.
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