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How are the concepts of opportunity costs and scarcity related to one another? 1) Scarcity and opportunity costs are two separate concepts with no link
How are the concepts of opportunity costs and scarcity related to one another? 1) Scarcity and opportunity costs are two separate concepts with no link between them. 2) Opportunity costs implies that there is no scarcity of resources. 3) Due to scarcity of resources, every consumption has an associated opportunity cost. 4) Scarcity implies that the opportunity cost of consumption can be negative or zero
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