Scarcity Implies That

question 44

Multiple Choice

Scarcity implies that

• A) the satisfaction of one person's want means another person's want can also be satisfied.
• B) the satisfaction of one person's want means another person will be more than satisfied.
• C) the satisfaction of one person's want means another person's want cannot be satisfied.
• D) no person's wants can be satisfied.

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Definitions:

Maximizing Utility

The process or goal of obtaining the highest level of satisfaction or benefit from the consumption of goods and services, given constraints like income.

Utility

A measure of satisfaction, usefulness, or value that an individual or society derives from a good or service.

Consuming

The act of using up goods or services either by purchasing or utilizing them.

Maximizing

Seeking to make as large as possible; in economics, often involves actions like profit maximization or utility maximization.