A condition in which something refers to the problem of allocation of scarce resources between their alternative uses is___________.

Economics is concerned with understanding how limited resources are most likely to be allocated or used.ATrueBFalse

When resources are allocated in such a way that it is possible to increase the production of one good without decreasing the production of another, then the allocation of resources is:Multiple choice question.inefficient.optimal.efficient.possible.

Multiple Choice QuestionThe existence of a good or service that no one wants to buy will have which of following effects on the resources used to produce it?Multiple choice question.There will be no surplus for the resources used.There will be no supply for the resources used.There will be no demand for the resources used.There will be no shortage for the resources used.

Why must some resources be allocated?Group of answer choicesBecause supply exceeds demandBecause they are scarceBecause they are abundantBecause of hoarding

Fill in the Blank QuestionFill in the blank question.The strength of the demand for any resource will depend on the of the resource and the market of the good or service that the resource helps produce. (Enter one word for each blank)