The law of scarcity mcq economic class 11 – InterviewSolution

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1.	The law of scarcity mcq economic class 11
Answer» The Law of Scarcity simply states: If what we desire “appears” to be in limited supply, the PERCEPTION of its value increases significantly. Economists will GO to great lengths to explain the mathematical PRINCIPLES CONTROLLING this phenomenon, but its practical essence is CAPTURED above.Scarcity falls into three distinctive categories: demand-induced, supply-induced, and structural.Explanation:Kashuuu~

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