Economics is as much art as it is science

Scarcity

A) exists in all human societies. B) is a problem for less-developed nations only. C) used to be a problem, but is not an issue for modern industrial nations. D) afflicts greedy people only.

Marginal cost indicates how much total cost increases if one more unit is produced or how much total cost drops if production declines by one unit

a. True b. False