Goods and Services Are Scarce Because

question 153

Multiple Choice

Goods and services are scarce because

• A)people are greedy
• B)they are produced using scarce resources
• C)firms keep production low in order to earn higher profits
• D)they are produced by firms that seeks profits
• E)government wants to maintain its power over the economy

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Definitions:

Illinois Commerce Commission

A regulatory agency in Illinois responsible for overseeing utility services, including electricity and gas, to ensure fair practices and rates for consumers.

Commuter Rates

The fares or fees charged for transportation services, especially for those traveling to and from work.

Price Inelastic

This refers to a situation where the quantity demanded or supplied of a good or service changes minimally in response to changes in its price.

Farm Products

Goods that are the result of agricultural activities, including crops, livestock, and the products derived from them.