When Is a Good or Service Considered Scarce

question 87

Multiple Choice

When is a good or service considered scarce?  

• A) if any quantity of it can be consumed at a zero price 
• B) if the amount people desire exceeds the amount available at a zero price 
• C) if the amount people desire exceeds the amount available at any price 
• D) if the amount people desire is less than the amount available at any price

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Definitions:

Hazard Pay

Hazard Pay is additional compensation provided to employees for performing work that is dangerous or involves risk.

Wealth

The abundance of valuable financial assets or physical possessions which can be converted into forms that can be used for transactions.

Compensating Differential

The difference in wages that arises from differences in the non-monetary aspects of different jobs, such as risk or desirability.

Coding Sector

The industry segment focused on the development, writing, and implementation of computer software and programs.