If scarcity was not a fact,
a. people could have all they wanted of goods and services for free

b. it would no longer be necessary to make choices.
c. poverty, defined as the lack of a minimum level of consumption would also be eliminated.
d. all of the above would be true.

d

Economics

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What will be an ideal response?

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The decisions of firms and households are guided by prices and self-interest in a

a. command economy. b. centrally-planned economy. c. market economy. d. All of the above are correct.

Economics