If All the World's Resources Were to Magically Increase One

question 73

Multiple Choice

If all the world's resources were to magically increase one hundredfold, then:

• A)people would still have to make trade-offs.
• B)economics would no longer be relevant.
• C)scarcity would disappear.
• D)trade-offs would become unnecessary.

---

Definitions:

Market Share

The percentage of an industry's sales that a particular company or product commands within a specific time period.

Product Differentiation

Product Differentiation is the process of distinguishing a product or service from others in the market to make it more attractive to a particular target market.

Television Westerns

A genre of television programming that focuses on narratives set in the American West, often featuring cowboys, lawmen, and settlers.

Product Life Cycle

The cycle through which every product goes from introduction to withdrawal or eventual demise, including stages of growth, maturity, and decline.