What Is the Difference Between a Shortage and Scarcity

question 241

Multiple Choice

What is the difference between a shortage and scarcity?

• 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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Definitions:

Self-Control

Restraint exercised over one’s own impulses, desires, or emotions; temperance.

Ignore Conscience

Choosing to act without regard to one's internal sense of right and wrong.

Art And Science

A phrase indicating a blend of creativity and systematic study in a discipline, implying that both intuitive and analytical approaches are valuable.

No More Tact

This phrase suggests a direct or blunt approach, potentially without regard for diplomacy or subtlety in communication.