If a Good Has Become More Scarce,then We Know for Sure

question 48

Multiple Choice

If a good has become more scarce,then we know for sure that

• A)the demand for it increased.
• B)the supply of it decreased.
• C)either the demand for it increased or the supply of it decreased.
• D)both the supply of it and the demand for it decreased.

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Definitions:

Economic Power

The capacity of a party (whether a nation, corporation, or individual) to influence or control economic activities, including market forces, production, and financial resources.

Social Power

The ability of an individual or group to influence the behavior, beliefs, or attitudes of others within a social context.

Profit Maximization

The business objective of achieving the highest possible financial gain, commonly through increased sales revenue, cost reduction, or both.

Social Goals

Objectives that aim to improve society's well-being, addressing issues like poverty, inequality, and environmental sustainability.