Question

3. If P(A) denotes the probability of an event then:
(a) P(A) < 0
(b) P(A) >0 () 0 <P(A) <1
(d) -1 <P(A) <0
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Answer 1

Explanation: Scarcity is the root cause for all economic problems. Thus, it is due to the scarce availability of resources to fulfil the different and competing unlimited wants that an economy faces the economic problem or the problem of choice.