In the Niagara region,Ontario,strawberry production is limited by the number of hectares available for agriculture production.Which economic concept does this statement BEST represent?
A) Scarcity
B) Marginal analysis
C) Equilibrium
D) Opportunity cost

Question

Quizplus · Accepted Answer

The statement highlights that the production of strawberries in the Niagara region is limited by the amount of land available for agriculture. This is an example of scarcity, which refers to the limited resources (in this case, land) available to meet unlimited wants and needs (in this case, the demand for strawberries). The other concepts are not particularly relevant to this statement. Marginal analysis refers to the evaluation of the benefits and costs of incremental changes, while equilibrium refers to a state in which the supply and demand for a product are equal. Opportunity cost refers to the cost of choosing one option over another, in terms of the benefits that could have been gained from the next best alternative. While all of these concepts may apply to the situation in the Niagara region, the most directly relevant one is scarcity.

In the Niagara Region,Ontario,strawberry Production Is Limited by the Number