Which of the Following Is the Best Example of Scarcity

question 407

Multiple Choice

Which of the following is the best example of scarcity?

• A)The Talking Teddy is a surprise holiday hit, resulting in long lines of consumers trying to purchase the limited number of available Teddies.
• B)Fred only gets a 10-hour lunch break and each day must decide between working out at the gym or socializing with his colleagues.
• C)The local market's buy-one-get-one-free sale on strawberries results in more people wanting the berries than producers are able and willing to supply.
• D)There is a bumper crop of strawberries, and stores have more berries than they can sell.

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Definitions:

Complementary Goods

Products or services that are used together, where the demand for one is increased when the price of the other decreases.

Demand Curve

An illustration that displays how the price of a product or service correlates with the amount people want to buy during a specific time frame.

Price

The amount in currency estimated, obligatory, or contributed as payment for something.

Quantity Demanded

The total amount of a good or service that consumers are willing and able to purchase at a given price within a specified time frame.