Which of the Following Describes the Difference Between "Scarcity" and "Shortage

question 150

Multiple Choice

Which of the following describes the difference between "scarcity" and "shortage"?

• A)There is no difference; either word can be used to describe the situation that exists when there is less of a good or service available than people want.
• B)In the economic sense,almost everything is scarce.A shortage of a good or service occurs when the quantity demanded is greater than the quantity supplied at the current market price.
• C)There is a shortage of almost everything.Scarcity occurs only if the quantity demanded of a good or service is greater than the quantity supplied at the current market price.
• D)In the economic sense,almost everything is scarce.A shortage of a good or service occurs when the quantity demanded is greater than the quantity supplied at the equilibrium price.

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Definitions:

Labour

The human effort, both physical and mental, used in the production of goods and services.

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A mathematical method used to find the best possible outcome or solution in a given mathematical model for which requirements are represented by linear relationships.

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A restriction or limitation that affects the performance, capabilities, or design of a system, process, or project.

Problem Solving Software

Computer programs designed to assist in the analysis and solution of complex problems.