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Answer to Question #79460 in Microeconomics for Aastha
Question #79460
What is the diagrammatic representation of scarcity and choice go together? As this question has to be appeared in 10 marks how to expand the answer?
Expert's answer
Budget constraint and the table of data that form this budget constraint represent the fact that scarcity and choice go together. Because the amount of available budget restricts you in consumption, and you have to make a decision what good has to be bought.
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