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4 December, 03:18

3. What's a example of relative scarcity?

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  1. 4 December, 03:37
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    For instance, I can go to the beach today or the bar today. Relative scarcity implies that my beachtime is relatively scarce when related to my bartime. Here, time is the scarce resource. So I must choose between the beach or the bar, based on this scarce resource
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