If a Good Is Scarce

question 21

Multiple Choice

If a good is scarce,

• A) there will be shortages of it if the good is rationed by markets.
• B) the good will have a price in a market setting.
• C) there will be enough of the good freely available from nature to satisfy the human desire for it.
• D) all of the above are true.

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Definitions:

Car Collisions

Incidents where two or more vehicles crash into each other.

Speed Estimates

Judgments about how fast an object or individual is moving, often relevant in eyewitness testimony and perception studies.

Autobiographical Memories

Memories of one's own life events, which are a complex blend of factual, emotional, and interpretive elements.

Self-Concept

is an individual's perception of themselves, including their beliefs, feelings, and thoughts about their own identity.