By Lori Crawford,2014-05-18 12:16
Study Questions-Set #1
Scarcity and Opportunity Costs
1. What is meant by scarcity?
2. What is the economic definition of opportunity cost? What is the connection between scarcity and cost?
3. Two students pay the same amount in tuition, room, board, book purchases, and incidental expenses.
This implies that the c..