What Do Economists Mean When They State That a Good

question 160

Multiple Choice

What do economists mean when they state that a good is scarce?

• A) There is a shortage or insufficient supply of the good at the existing price.
• B) It is impossible to expand the availability of the good beyond the current amount.
• C) People will want to buy more of the good regardless of the price of the good.
• D) The amount of the good that people would like exceeds the supply freely available from nature.

---

Definitions:

Predictor Variables

Variables in research that are used to predict or forecast the outcome of another variable of interest.

Person-Centered Approaches

Therapeutic methodologies that emphasize the importance of understanding individuals within their unique context and respecting their autonomy and decision making.

Research Design

The overall strategy or plan for a research study, detailing how to conduct and analyze the research to achieve its objectives.

Cluster Analysis

A statistical method used to group objects or variables into clusters that contain similar characteristics, often used in research to identify patterns or categorize data.