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Category: Economics
Studying has both costs and benefits. If you continue to study (e.g., for a test) for as long as the marginal benefits of studying are greater than the marginal costs, and you stop studying when the two are equal, will your action be consistent with having maximized the net benefits of studying? Explain your answer.
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Category: Economics
Give an example to illustrate how a change in opportunity cost can affect behavior.
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Category: Economics
How does choice arise out of scarcity?
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Category: Economics
How does competition arise out of scarcity?
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Category: Economics
True or false? Scarcity is the condition of finite resources. Explain your answer.
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