If a Resource Is Always Available When Needed,then It

question 64

Multiple Choice

If a resource is always available when needed,then it

• A)will be more expensive than other resources.
• B)is not scarce.
• C)has a high opportunity cost.
• D)is not tangible.
• E)is scarce.

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Definitions:

External Cost

Costs that are not borne by the parties involved in an economic transaction, often imposed on others in the form of environmental pollution or other negative side effects.

Market Failure

A situation in which the allocation of goods and services is not efficient, often leading to a net social welfare loss.

Suburbs

Residential areas located on the outskirts of cities, typically characterized by lower population density, individual housing, and a reliance on commuting.

Collective Farms

A form of agricultural production in which multiple farmers run their holdings as a joint enterprise.