As Defined by an Economist, What Does the Word Scarcity

question 93

Multiple Choice

As defined by an economist, what does the word scarcity mean?

• A) Consumers are too poor to purchase the available goods and services.
• B) Demand exceeds supply at the current market price.
• C) The desire for goods exceeds our ability to produce them with limited available resources.
• D) Supply exceeds demand at the current market price.

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Definitions:

Partial Schedule

A reinforcement schedule in operant conditioning where a response is only sometimes rewarded, leading to stronger behavioral responses.

Fixed Ratio Schedules

Fixed ratio schedules in behavioral psychology are a type of reinforcement schedule where a response is reinforced only after a specified number of responses have occurred.

Continuous Reinforcement

Continuous reinforcement is a learning process in which a behavior is rewarded every time it is performed, facilitating rapid learning.

Luck

The force that seems to operate for good or ill in a person's life, as in shaping circumstances, events, or opportunities.