Which of the following is least likely to be an effect of scarcity?
A) rationing device
B) choice
C) opportunity cost
D) dollar price
E) utility

Question

Quizplus · Accepted Answer

Utility is not directly linked to scarcity. Utility refers to the satisfaction or usefulness derived from consuming a good or service, regardless of its scarcity. The other options are all effects of scarcity. Rationing devices are used to allocate scarce resources, choices must be made between competing uses of scarce resources, opportunity cost is the value of the next best alternative given up due to scarcity, and dollar price reflects the scarcity of a good or service in the market.

Which of the Following Is Least Likely to Be an Effect