How Is Scarcity Related to Competition

question 68

Multiple Choice

How is scarcity related to competition?

• A) Competition is an effect of scarcity.
• B) Scarcity is an effect of competition.
• C) Both scarcity and competition are effects of a rationing device.
• D) Both scarcity and competition are effects of opportunity cost.
• E) Scarcity produces disutility and competition produces utility.

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Definitions:

Cranial Nerves

Twelve pairs of nerves that originate directly from the brain, not the spinal cord, and affect areas such as the head and neck.

Chemoreceptors

Sensory cells or organs that detect chemical substances and send signals to the nervous system in response.

Temporal Lobe

A region of the brain situated below the lateral fissure, involved in processing auditory information and memories.

Primary Olfactory Cortex

The brain region involved in the perception of odors, located within the temporal lobe.