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ECON QUIZ.pdf - Carlos Ramos Professor Edwards ECON 221...

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Carlos RamosProfessor EdwardsECON 221 QUIZOctober 18th, 20201.C2.B3.B4.B5.B6.C7.D8.E9.B10. A1.Scarcity is the concept that humans want, to produce the goods and satisfy those wants.Without scarcity there is no economics.2.All costs are opportunity costs because there is almost always something that must begiven up in order to get something else.3.At higher prices, buyers will demand less of an economic good. Sellers will supply more
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Microeconomics, Supply And Demand, Opportunity costs, higher prices, Professor Edwards, Carlos Ramos

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