Which of the Following Describes the Difference Between "Scarcity" and "Shortage

question 150

Multiple Choice

Which of the following describes the difference between "scarcity" and "shortage"?

• A)There is no difference; either word can be used to describe the situation that exists when there is less of a good or service available than people want.
• B)In the economic sense,almost everything is scarce.A shortage of a good or service occurs when the quantity demanded is greater than the quantity supplied at the current market price.
• C)There is a shortage of almost everything.Scarcity occurs only if the quantity demanded of a good or service is greater than the quantity supplied at the current market price.
• D)In the economic sense,almost everything is scarce.A shortage of a good or service occurs when the quantity demanded is greater than the quantity supplied at the equilibrium price.

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Definitions:

Organizational Practices

The established ways of doing things within an organization, including policies, procedures, and cultural norms.

Community Organizing

The process of mobilizing individuals and groups to address community issues and drive social change through collective action.

Ethical Standards

The principles that govern the behavior of individuals and organizations, highlighting what is good, right, and fair.

Advocate

A person who publicly supports or recommends a particular cause or policy.