In an Efficient Market, a Scarce Good Generally Has a ____

question 188

Multiple Choice

In an efficient market, a scarce good generally has a ____ than a less-scarce good.

• A)higher price
• B)higher total utility to consumers
• C)more even distribution across income classes
• D)lower price in off-peak periods

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Definitions:

Changing Conditions

The dynamic nature of situations, environments, or circumstances that are in a state of flux.

Recognition Rewards

Acknowledgments or incentives given to individuals or groups for their achievements and contributions, often used as a motivational strategy in various settings.

Appropriate Culture

A culture or environment that is suitable and fitting for its members, respecting their needs, values, and norms.

Law of Probability

A mathematical principle that quantifies the likelihood of events occurring, based on the ratio of favorable outcomes to the total number of possible outcomes.