Economic problem occurs when
...Economic problem occurs when
There is scarcity relative to demand
All raw materials are imported
Many people are out of work
There are no buyers for our goods
Correct answer is A
Scarcity explains the basic economic problem that the world has limited or scarce resoures to meet seemingly unlimited wants, and this reality forces people to make decisions about how to allocate resources in the most efficient way.
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If wage rate is less than the average revenue product, the firms would be earning_______ ...