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Justify the statement. T/F
Scarcity increase with the rise in the population.
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Solved in 2 steps
- Which of the following economic concepts can be defined as the next best alternative given up when individuals, business, and governments conform scarcity by making choicesWhich of the following is NOT an example of scarcity? Select the correct answer below: Due to a lack of rain in San Diego, California, the amount of water for families is limited. Crude oil was in short supply in the 1970s, leading to a quantity demanded being greater than the quantity supplied. After textbook buyback season, Amazon received an influx of used textbooks into their inventory. Fresh water bass are on the decline due to disease.What will happen if there is no scarcity? Explain.