In economics,scarcity means that
A) A shortage of a particular good will cause the price to fall.
B) A production possibilities curve cannot accurately represent the trade-off between two goods.
C) Society's desires exceed the want-satisfying capability of the resources available to satisfy those desires.
D) The market mechanism has faileD.We cannot produce everything with fixed resources.
Correct Answer:
Verified
Q1: Which of the following is an assumption
Q2: A production possibilities curve indicates the
A)Combinations of
Q5: Economics can be defined as the study
Q5: Opportunity cost may be defined as the
A)Goods
Q6: Which economist argued that free markets unleashed
Q8: A consequence of the economic problem of
Q10: The opportunity cost of studying for an
Q11: Which of the following is not one
Q13: The "guns versus butter" dilemma that all
Q15: Given that resources are scarce,
A)A "free lunch"
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