In a Market Economy, When Do We Know That a Resource

question 89

Multiple Choice

In a market economy, when do we know that a resource has become scarcer?

• A) when its price rises relative to other prices
• B) when it is nonrenewable and some of it is used
• C) when substitutes exist
• D) when there are no substitutes

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Definitions:

Storytelling Bias

The tendency to interpret, remember, and predict events in a narrative format, often overlooking statistical or factual information.

Allport and Postman

Psychologists known for their work in the field of social psychology, particularly for studies on the psychology of rumor and the theory of personality.

Participants

Individuals who take part in a study, experiment, or any form of research, usually providing data for analysis.

White Man

Often refers to an adult male of European descent; this term can be contextually sensitive and is subject to socio-cultural interpretations.