Which of the following is not an example of scarcity? a. Only some people can afford to buy a BMW automobile. b. Every individual in society cannot attain the highest standard of living to which he or she might aspire. c. Miranda has more oranges in her orchard than she will ever use. d. Each member of a household cannot get everything he or she wants.

Question

Kenley

Business

9 October, 23:14

Which of the following is not an example of scarcity? a. Only some people can afford to buy a BMW automobile. b. Every individual in society cannot attain the highest standard of living to which he or she might aspire. c. Miranda has more oranges in her orchard than she will ever use. d. Each member of a household cannot get everything he or she wants.

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Answers (1)

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Jaiden Marshall · Answer 1

The correct answer is C

Explanation:

Scarcity is the term which is defined as the basic economic problem, which means that the resources in the market are limited and the wants are limitless.

This situation needs people to take a decision regarding how to allocate or distribute the resources effectively so that the basic needs of the people could be satisfied and many extra wants as possible.

So, the one which is not the example of scarcity is that the Miranda has more oranges in her orchard than ever before.