In Economics,scarcity Means That

question 97

Multiple Choice

In economics,scarcity means that

• A)A shortage of a particular good will cause the price to fall.
• B)A production possibilities curve cannot accurately represent the trade-off between two goods.
• C)Society's desires exceed the want-satisfying capability of the resources available to satisfy those desires.
• D) The market mechanism has failed.

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Definitions:

Aggrieved Purchaser

A buyer who has suffered because of a breach of contract or misrepresentation during a purchase.

Fundamental Breach

A severe violation of a contract that justifies the aggrieved party's right to terminate the agreement and seek damages.

Condition

An essential term of a contract.

Replacement Warranty Clause

A provision in a contract or agreement guaranteeing the replacement of defective goods or services within a specified period.