What is the difference between a shortage and scarcity? Select one: a. Scarcity will almost always exist, but a shortage will exist only if the price is kept below the equilibrium level. b. Scarcity is a result of two or more alternative uses, and quantities of supply and demand adjusting to flexible prices will create shortages. c. A shortage will exist when a good is scarce. d. There is no distinction between the two. They are the same thing.
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