A Good or Service Is Considered Scarce If

question 99

Multiple Choice

A good or service is considered scarce if

• A)any quantity of it can be consumed at a zero price
• B)the amount people desire exceeds the amount available at a zero price
• C)the amount people desire exceeds the amount available at any price
• D)the amount people desire is less than the amount available at any price
• E)the amount people desire is less than the amount available at a zero price

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Definitions:

Physical Flow

The actual movement and transfer of goods or materials through a production process or supply chain.

FIFO

"First In, First Out," a method used in inventory management and accounting where the goods first added to inventory are the first to be sold.

Inventory Cost Formula

The method used to determine the cost of goods available for sale or the cost of goods sold, such as FIFO (First-In, First-Out), LIFO (Last-In, First-Out), or Average Cost.