Question

a farmer has a limited amount of land and must decide whether to use it for growing corn or soybeans. this scenario best exemplifies which economic concept? demand and surplus market equilibrium comparative advantage scarcity

Explanation:

Scarcity in economics refers to limited resources (here, land) relative to unlimited wants/uses. The farmer has limited land, so must choose between corn/soybeans, exemplifying scarcity. Demand and surplus relate to market quantities/prices, market equilibrium is balance of supply - demand, comparative advantage is about opportunity cost in trade; none fit as well as scarcity here.

Answer:

Scarcity