Choice is necessitated by _____.*1 pointA. demand and supplyB. cost of productionC. production possibility curveD. scarcity of resources
Question
Choice is necessitated by _____.
1 point
A. demand and supply
B. cost of production
C. production possibility curve
D. scarcity of resources
Solution
To answer the question, we need to understand what necessitates choice. The options provided are demand and supply, cost of production, production possibility curve, and scarcity of resources.
-
Demand and supply: Choice can be necessitated by the interaction between demand and supply. When there is a high demand for a particular good or service but limited supply, individuals or businesses may need to make choices about how to allocate resources to meet the demand.
-
Cost of production: The cost of production can also necessitate choice. If the cost of producing a certain good or service is too high, individuals or businesses may need to choose alternative options that are more cost-effective.
-
Production possibility curve: The production possibility curve represents the different combinations of goods or services that can be produced given limited resources. Choices need to be made along this curve to determine the most efficient allocation of resources.
-
Scarcity of resources: Finally, choice is necessitated by the scarcity of resources. Resources such as land, labor, and capital are limited, and individuals or businesses must make choices about how to best utilize these scarce resources to meet their needs and wants.
Therefore, the correct answer to the question is D. scarcity of resources.
Similar Questions
Which of these is not a determinant of supply? Cost of production Technological advancement The price of the product itself Consumer tastes and preferences
Why does the downward-sloping production possibilities curve imply that factors of production are scarce?
Multiple Choice QuestionWhich resource does not have a cost of production?Multiple choice question.CapitalEquipmentLandLabor
When production is characterized by opportunity costs, the resulting production possibilities frontier will be a straight line.
On a production possibility curve, data points that fall outside of the curve represent a) an inefficient allocation of resources. b) a balanced allocation of resources. c) ideal production. d) a currently unattainable production
Upgrade your grade with Knowee
Get personalized homework help. Review tough concepts in more detail, or go deeper into your topic by exploring other relevant questions.