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Question
peoples wants are unlimited. this fact means that which of the following is always present?
marginal utility
shortages
scarcity
cost of production
The problem is about a key concept in economics. Scarcity is the fundamental economic problem that arises because people's wants are unlimited, but resources to satisfy those wants are limited. Marginal utility relates to the additional satisfaction from a good, shortages are temporary, and cost of production is about production expenses. So scarcity is always present due to unlimited wants and limited resources.
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scarcity