One of the most obvious clues to the relative scarcity of a product in a market economy is:
A) the variations in available sizes.
B) the limited selection of colors.
C) its current market price.
D) none of the above

Question

Quizplus · Accepted Answer

The current market price of a product is determined by the supply and demand forces in the market, and hence, it reflects the relative scarcity or abundance of the product. If a product is scarce, its price will be higher due to the limited supply and high demand, whereas if it is abundant, its price will be lower due to the high supply and low demand. Therefore, the current market price of a product is a clear and reliable indicator of its relative scarcity in a market economy.

One of the Most Obvious Clues to the Relative Scarcity