There Is No Shortage of Scarce Resources in a Market

question 556

Multiple Choice

There is no shortage of scarce resources in a market economy because

• A)the government makes shortages illegal.
• B)resources are abundant in market economies.
• C)prices adjust to eliminate shortages.
• D)quantity supplied is always greater than quantity demanded in market economies.

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Definitions:

Diversity

The inclusion of individuals representing more than one national origin, color, religion, socioeconomic stratum, sexual orientation, etc., especially in a group or organization.

Heterogeneity

The quality of being diverse and not uniform in composition or character, often used in the context of markets or services.

Customization

The process of modifying a product or service to meet the specific needs or preferences of individual customers or a targeted market segment.

Underapplied Overhead

Refers to the situation where the allocated manufacturing overhead cost is less than the actual overhead cost incurred.