Which of the following is the best example of scarcity?
A) The Talking Teddy is a surprise holiday hit, resulting in long lines of consumers trying to purchase the limited number of available Teddies.
B) Fred only gets a 10-hour lunch break and each day must decide between working out at the gym or socializing with his colleagues.
C) The local market's buy-one-get-one-free sale on strawberries results in more people wanting the berries than producers are able and willing to supply.
D) There is a bumper crop of strawberries, and stores have more berries than they can sell.
Correct Answer:
Verified
Q9: In every economic system, choices must be
Q11: Scarcity arises because
A)resources are finite and are
Q12: Scarcity
A)does not exist in the United States.
B)applies
Q13: In the production of goods and services,
Q13: The difference between scarcity and a shortage
Q14: Scarcity refers to
A) a shortage in a
Q15: Which of the following statements about economic
Q16: The problem of economic scarcity applies
A)only in
Q17: Which of the following statements is FALSE?
A)
Q18: All of the following are examples of
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