The concept of scarcity as used by economists refers to:
A) a situation of excess supply.
B) a situation in which the available resources are not enough to satisfy the wants of the people at a zero price.
C) a situation in which an item is available only in very small quantities.
D) a situation in which an item is very expensive.
E) a situation in which a resource is nonrenewable.
Correct Answer:
Verified
Q25: Ronnie waits one hour in queue to
Q26: Which economic concept is the closest to
Q27: Choices need to be made because of
Q28: Which of the following statements is true?
A)Goods
Q29: Which of the following sayings best represents
Q31: Opportunity cost is best defined as the:
A)sum
Q32: To say that something is scarce means
Q33: The basic economic problem is:
A)inflation.
B)unemployment.
C)poverty.
D)scarcity.
E)lack of money.
Q34: To say that there is a scarcity
Q35: Which of the following statements is false?
A)Economists
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