An example of the scarcity that you face is deciding __ A. how to study for economics and chemistry exams that occur on the same day B. how bright to set the brightness setting on your smartphone C. whether or not Pluto should be classified as a planet D. whether a tomato is a fruit or a vegetable

example of scarcity that you face is deciding:<br /><br />A. how to study for economics and chemistry exams that occur on the same day<br /><br />Scarcity refers to the limited nature of resources, whether they be time, money, or any other asset. In this case, you have limited time to prepare for two different exams, and you must decide how to allocate your study time most effectively. This is a classic example of a trade-off and opportunity cost, where you have to choose between different options and recognize that choosing one option means giving up the opportunity to do something else.