What Causes Scarcity

question 259

Multiple Choice

What causes scarcity?

• A) the allocation of goods by prices
• B) specialization and division of labour
• C) unlimited wants and limited resources
• D) the market mechanism

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Definitions:

Oligopoly

A market structure characterized by a few firms controlling a large portion of the market share, often leading to limited competition.

Automobile Manufacturing

Automobile Manufacturing involves the large-scale production of cars and other vehicles, combining processes such as design, engineering, and assembly.

Women's Dress Manufacturing

The industry sector focused on the design, creation, and distribution of dresses specifically for women.

Cotton Farming

The agricultural practice of cultivating cotton plants for their fibers, which are used in textile production.