What is the difference between a shortage and a scarcity?

a. A shortage can be temporary or long-term, but scarcity always exists.

b. A shortage results from rising prices; scarcity results from falling prices.

c. A shortage is a lack of all goods and services; scarcity concerns a single item.

d. There is no real difference between a shortage and a scarcity.

Question

Max Foley

Social Studies

18 December, 04:39

What is the difference between a shortage and a scarcity?

a. A shortage can be temporary or long-term, but scarcity always exists.

b. A shortage results from rising prices; scarcity results from falling prices.

c. A shortage is a lack of all goods and services; scarcity concerns a single item.

d. There is no real difference between a shortage and a scarcity.

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Answers (1)

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Alvaro Mckay · Answer 1

The correct answer is letter c. A shortage is a lack of all goods and services; scarcity concerns a single item. T he difference between a shortage and a scarcity is that a shortage is a lack of all goods and services; scarcity concerns a single item.