As a Consequence of the Condition of Scarcity

question 72

Multiple Choice

As a consequence of the condition of scarcity:

• A)there is always enough of everything.
• B)production has to be centrally planned.
• C)things which are plentiful have relatively high prices.
• D)individuals and communities have to make choices among alternatives.

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Definitions:

Airlines

Firms that facilitate the air conveyance of people and goods.

Monopolistic Competitor

A firm in a market structure where many companies sell products that are similar but not identical, allowing for competition on factors other than price.

McDonald's

A global fast-food restaurant chain known for its burgers, fries, and breakfast menus.

Fast-food Outlets

Quick service restaurants that serve food rapidly and are typically part of a large chain or franchise.