Scarcity Is a Situation in Which

question 131

Multiple Choice

Scarcity is a situation in which

• A) people cannot satisfy all their wants.
• B) some people can get all they want and some cannot.
• C) people can satisfy all their wants.
• D) most people can get only bare necessities.

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Definitions:

Fair Value

An estimate of a security's worth on a given market based on what a knowledgeable, willing, and unpressured buyer would likely pay to a knowledgeable, willing, and unpressured seller.

Non-Cancelable

A contract or agreement clause indicating that the arrangement cannot be terminated before its expiration.

Nonrenewable

Resources or energy sources that cannot be replaced or replenished once they are consumed, such as fossil fuels.