For Society, a Good Is Not Scarce If

question 134

Multiple Choice

For society, a good is not scarce if:

• A)all members of society can have all they want of it
• B)at least one individual in society can obtain all he or she wants of the good
• C)firms are producing at full capacity
• D)those who have enough income can buy all they want of the good

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Definitions:

Market Price

The current price at which an asset or service can be bought or sold, determined by supply and demand dynamics in a competitive market.

Small Number

A numerical value that is considered to be less than the expected or average size or amount.

Individual Producer

A single entity or person that creates goods or services to offer in a market.

Demand Curve

A graphical representation of the relationship between the price of a good and the quantity of that good consumers are willing to purchase at various prices.