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) Pokemon Go is the most popular cell-phone app that can be downloaded free from an app store.
Correct Answer:
Verified
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: Scarcity arises because
A) resources are limited and
Q17: Which of the following statements is FALSE?
A)
Q19: In 2016, tornadoes damaged many parts of
Q20: Human resources that perform the functions of
Q21: The existence of scarcity means that
A) there
Q22: Which is the best example of an
Q23: Economic goods are
A) abundant goods, about which
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