If a Good Is Scarce

question 21

Multiple Choice

If a good is scarce,

• A) there will be shortages of it if the good is rationed by markets.
• B) the good will have a price in a market setting.
• C) there will be enough of the good freely available from nature to satisfy the human desire for it.
• D) all of the above are true.

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Definitions:

Productivity

The efficiency with which goods and services are produced, often measured in terms of output per unit of input.

Reinforcement Theory

A psychological principle stating that the future frequency of a behavior is increased or decreased based on the consequences it produces.

Maslow's Hierarchy

A theory in psychology proposed by Abraham Maslow, suggesting that people are motivated by a hierarchy of needs starting from basic physiological needs to self-actualization.

Needs

Needs are basic or essential requirements that individuals must have met in order to live, work effectively, and achieve well-being, including physical, social, and psychological necessities.