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:

Perceptual Constancy

The tendency of perceiving objects as unchanging (having consistent colors, brightness, shape, and size) even as illumination and retinal images change.

Monocular

Referring to or involving one eye.

Bouncing Ball

A simple dynamic system involving a ball being dropped or thrown such that it rebounds off a surface.

Perception

The process of interpreting sensory information to understand and interact with the environment.