What Does Scarcity Result From

question 37

Multiple Choice

What does scarcity result from?

• A) government decision making
• B) positive economics
• C) wants that exceed the resources necessary to provide them
• D) inappropriate normative judgments

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Definitions:

Demand Curve

A visual model that illustrates the link between the cost of a commodity and the volume of demand from buyers at those costs.

Secondary Market

A marketplace where investors buy and sell securities, such as stocks and bonds, from other investors rather than from issuing companies directly.

Ticket Price

The cost charged for admission to an event, such as a concert, movie, or sports game.

Speculators

Individuals or entities that trade securities, commodities, currencies, or other assets, not to use or consume them but rather to profit from changes in their prices.