What Happens to Us Because of Scarcity

question 223

Multiple Choice

What happens to us because of scarcity?

• A) We can obtain more of a desirable good without sacrificing other goods and services.
• B) We face shortages of goods that prevail at current market prices.
• C) We must sacrifice valuable alternatives to obtain more goods and services we desire.
• D) We have an opportunity cost of consumption which is zero.

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Definitions:

Insanity

A legal term for a mental dysfunction so severe that it exempts individuals from legal responsibility for their actions.

Schizophrenia

A long-term mental disorder involving a breakdown in the relation between thought, emotion, and behavior, leading to faulty perception, inappropriate actions, and feelings.

Bipolar Disorder

A condition affecting mental health, defined by pronounced mood shifts from highs (mania or hypomania) to lows (depression).

Adaptive Behaviour

The collection of conceptual, social, and practical skills that people have learned to be able to function in their everyday lives.