Question 1 (1 point) Scarcity can best be defined as a situation in which: 0 consumers look for bargains. O some producers are selfish with resources. O people respond to incentives. 0 all wants cannot be satisfied due to resource constraints. Question 2 (1 point) Trade-offs are: 0 associated with every decision. 0 do not exist if we receive something for free. 0 always result in market-failure. O can be avoided through economic planning. Question 3 (1 point) Opportunity Cost: O only includes explicit, out of pocket expenses. O is the value of your next best alternative. O is never provided in dollar values. O would not include lost wages from working when deciding to take a vacation