What is the difference between a shortage and scarcity?
a. a shortage will exist when a good is scarce.
b. scarcity will always exist because choices must be made, but a shortage will only exist if the price is kept below the equilibrium level.
c. scarcity is a result of two or more alternative uses and will always exist, and quantities of supply and demand adjusting to flexible prices will create shortages.
d. there is no distinction between the two. they are the same thing?
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “What is the difference between a shortage and scarcity? a. a shortage will exist when a good is scarce. b. scarcity will always exist ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
About 85% of this country is counted in the labor force is involved in agriculture. This country mostly produces cocoa, coffee, tea, oil, copper and wood for countries like Australia, China and Japan.
Answers (1)
Don has an employment contract with Dunkirk Ice Cream. He sells ice cream and novelty ice cream products. He has nine children and doesn't make enough money, so he decides to see if another dairy will hire him, too.
Answers (1)
What kind of loan protects businesses in the case of an emergency? A. A mortgage loan B. An automobile loan C. A line-of-credit loan D. An inventory loan
Answers (1)
On may 1, shilling company, inc. sold merchandise in the amount of $5,800 to anders, with credit terms of 2/10, n/30. the cost of the items sold is $4,000. shilling uses the gross method of recording sales and a perpetual inventory system.
Answers (1)
Which of the following best explains why the media industry is characterized by an oligopolistic market structure? O A. There are many innovative entrepreneurs in the media. O B.
Answers (2)
New Questions in Business
Which statement applies to the commodities exchange
Answers (1)
Klose outfitters inc. believes that its optimal capital structure consists of 60% common equity and 40% debt, and its tax rate is 40%. klose must raise additional capital to fund its upcoming expansion.
Answers (1)
Suppose a new and more liberal Congress and administration are elected. Their first order of business is to take away the independence of the Federal Reserve System and to force the Fed to greatly expand the money supply.
Answers (1)
Which of the following is not an issue that is central to the debate regarding market efficiency? A. The magnitude issueB. The tax-loss selling issueC. The lucky event issueD. The selection bias issue
Answers (1)
Which of the following statements is most correct? Many large firms operate different divisions in different industries, and this makes it hard to develop a meaningful set of industry benchmarks for these types of firms.
Answers (1)