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The pervasive problem of scarcity means that every society must choose among alternative uses of its limited resources. Society has only so much labor, capital, land and entrepreneurship that can be used to satisfy the unlimited wants of its members. This decision-making process, more commonly termed allocation, is summarized by the three questions: what, how and for whom? With a good example, explain briefly how a firm manager(s) answers these questions.

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M91234030

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