What Happens to Us Because of Scarcity

question 223

Multiple Choice

What happens to us because of scarcity?

• A) We can obtain more of a desirable good without sacrificing other goods and services.
• B) We face shortages of goods that prevail at current market prices.
• C) We must sacrifice valuable alternatives to obtain more goods and services we desire.
• D) We have an opportunity cost of consumption which is zero.

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Definitions:

Effective

Refers to something being successful in producing a desired or intended result.

Direct Competition

Occurs when businesses offer the same or similar products or services to the same customer base.

Unmet Customer Needs

Desires or requirements of consumers that are not being satisfied by current products or services on the market.

Differentiation

The process of distinguishing a product or service from others, to make it more attractive to a particular target market.