As Used in Economics, the Notion of Scarce Resources Means

question 244

Multiple Choice

As used in economics, the notion of scarce resources means that:

• A)mineral deposits are only available in finite amounts.
• B)resources are not so plentiful that all individuals' material wants can be fulfilled.
• C)some resources are free while others have price tags on them.
• D)the quantities available of some resources exceed the demand for them.

---

Definitions:

Monopolistic Competitor

A firm that operates in a market structure characterized by many competitors selling differentiated products.

Perfect Competitor

A firm in a market structure where it takes the prevailing market price as given and decides its output level without being able to influence the market price.

Long Run

A period in economics during which all factors of production and costs are variable, and firms can enter or exit the industry.

Monopolistic Competitor

A market structure where many firms sell products that are similar but not identical, allowing for some degree of market power in setting prices.