Which of the Following Statements About Scarcity Is TRUE

question 402

Multiple Choice

Which of the following statements about scarcity is TRUE?

• A) Scarcity is no longer a problem for industrialized countries.
• B) Scarcity exists in all societies.
• C) Scarcity is a problem only for greedy people.
• D) Scarcity is a problem only in countries that do not use markets to organize economic activity.

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Definitions:

Sorority Sock Hop

A themed dance event traditionally organized by a sorority, often characterized by sock-wearing and nostalgia for 1950s music and dance styles.

Oasis

A fertile spot in a desert where water is found.

Payoffs

In economics, finance, and game theory, the returns or outcomes received from a certain investment or decision.

Nash Equilibrium

A concept in game theory where each player's strategy is optimal, considering the strategies of other players, and no player has anything to gain by changing their own strategy unilaterally.