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Posted: April 11th, 2024

wen 212 m – How are scarcity, choice, and opportunity cost related

wen 212 m) Each question should at least 125-250 words1) How are scarcity, choice, and opportunity cost related?2) What are the effects of an increase in the minimum wage in the U.S. economy? Who would be most affected?3) Why is elasticity of demand greater for goods that are a large share of a consumer's budget?4) What is the difference between accounting profits and economic profits? Which of the two concepts is more appropriate for explaining decisions made by entrepreneurs? Explain.5) Differentiate between the short run and the long run? What is the appropriate time dimension of the long run?

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