Question

1 multiple choice 1 point ______ occurs when the price of a product is increased, less will be demanded and vice versa. options: scarcity, all of the above, law of supply and demand, decision making, clear my selection
2 true or false 1 point needs are the essentials and basics of life. options: true, false
3 true or false 1 point long - term goals are goals that will be completed in less than a year. options: true, false
4 multiple choice 1 point ________ is the loss of potential gain from other alternatives when one alternative is chosen. options: rational decision making process, law of supply and demand, intuitive decision making process, opportunity cost, clear my selection

Explanation:

Question 1

The description matches the Law of Supply and Demand (specifically the demand side: price and quantity demanded relationship). Scarcity is about limited resources, "All of the above" is incorrect, and Decision Making is about choices, not price - quantity relationships.

Needs are defined as the essential and basic requirements for life (like food, shelter, water). So the statement is true.

Long - term goals are goals that take more than a year (often years) to complete. Goals completed in less than a year are short - term goals. So the statement is false.

Answer:

Law of Supply and Demand

Question 2