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11 April, 09:22

Scarcity is imposed on individual households in the form of income and Select one: a. limited production. b. utility. c. sunk costs. d. the prices of the goods that a person may purchase.

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  1. 11 April, 09:35
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    Option D

    Explanation:

    In simple words, scarcity refers to the phenomenon under which a commodity is available in a limited quantity and not all individual gets to enjoy the utility it has.

    The main reason behind scarcity is the limited availability of the resources due to which the production is also limited. An individual consumer gets to take this burden in the form of high prices of such limited commodity.
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