In a Market Economy,scarcity of Resources Is Most Clearly Reflected

question 145

Multiple Choice

In a market economy,scarcity of resources is most clearly reflected in

• A)supply.
• B)demand.
• C)market prices.
• D)the stock of the resource.

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Definitions:

Phonograph

An early sound-reproducing machine that uses cylinders or discs to record and playback sound, invented in the late 19th century.

Vitaphone

An early sound film system created by Warner Bros. that synchronized a film's soundtrack stored on phonograph records.

Licensing Agreements

Contracts in which the holder of intellectual property grants permission to another party to use the property under specified conditions.

Vertical Integration

A strategy where a company expands its business operations into different steps on the same production path, such as a manufacturer owning its supplier and/or distributor.