What is an example of scarcity and opportuity cost? OL Economic choices all involve options under scarcity. Scarcity could mean there are only 365 hours in a working day, and an opportunity cost might be giving up 65 hours of study time to work and earn more money. "Economic choices mean diminishing returns under scarcity. Scarcity could mean there are only 12 hours in a working day, and an opportunity cost might be that after 12 hours you produce less and earn less money. Economic choices all involve options under scarcity. Scarcity could mean there are only 12 hours in a working day, and an opportunity cost might be giving up 6 hours of study time to work and earn more money. Economic choices all involve options under scarcity. Scarcity could mean there are only 12 hours in a working day, and an opportunity cost might be adding another 6 hours of study time to 12 nours of work and earn more money. Click Submit to complete this assessment Question 5 of Save and Subm