What Do Economists Mean When They State That a Good

question 160

Multiple Choice

What do economists mean when they state that a good is scarce?

• A) There is a shortage or insufficient supply of the good at the existing price.
• B) It is impossible to expand the availability of the good beyond the current amount.
• C) People will want to buy more of the good regardless of the price of the good.
• D) The amount of the good that people would like exceeds the supply freely available from nature.

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Definitions:

Gallup Organization

The Gallup Organization is a renowned global analytics and advisory company known for its public opinion polls and research-based advice.

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The financial gains obtained after subtracting the total expenses from the total revenues of a business or investment.

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The level of contentment or happiness employees feel towards their jobs, influenced by factors like work environment, compensation, and recognition.