If resources were not scarce, the resource allocation problem would be concerned solely with cost minimization.

Name: If resources were not scarce, the resource allocation problem would be concerned solely with cost minimization.
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Question

Quizplus · Accepted Answer

The resource allocation problem involves not just cost minimization but also determining what to produce, how to produce, and for whom to produce, based on preferences, technology, and distribution of income, even if resources were not scarce.

If Resources Were Not Scarce, the Resource Allocation Problem Would