What Is the Difference Between a Shortage and Scarcity

question 70

Multiple Choice

What is the difference between a shortage and scarcity?

• A) Scarcity will always exist because choices must be made, but a shortage will only exist if the price is kept below the equilibrium level.
• B) 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.
• C) A surplus will exist when a good is scarce; a shortage merely implies that there isn't as much of something as people would like, which is nearly always the case.
• D) There is no distinction between the two.They are the same thing.

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Definitions:

Hepatic Vein

A vein that drains deoxygenated blood from the liver back into the circulatory system towards the heart.

Hepatopancreatic Sphincter

A muscular valve controlling the flow of digestive juices from the liver and pancreas into the small intestine.

Pancreatic Juice

This is a digestive fluid secreted by the pancreas composed of enzymes and bicarbonate ions that aid in the digestion of proteins, fats, and carbohydrates in the small intestine.

Dentin

A hard, dense tissue forming the bulk of a tooth beneath the enamel, protecting the inner pulp and transmitting nerve signals.