Which of the Following Is the Best Example of Scarcity

question 407

Multiple Choice

Which of the following is the best example of scarcity?

• A) The Talking Teddy is a surprise holiday hit, resulting in long lines of consumers trying to purchase the limited number of available Teddies.
• B) Fred only gets a 10-hour lunch break and each day must decide between working out at the gym or socializing with his colleagues.
• C) The local market's buy-one-get-one-free sale on strawberries results in more people wanting the berries than producers are able and willing to supply.
• D) Pokemon Go is the most popular cell-phone app that can be downloaded free from an app store.

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Definitions:

Single Seller

A market structure in which there is only one provider of a particular good or service, often resulting in monopolistic control over the market.

Barriers To Entry

Factors that prevent or hinder the ability of new competitors to enter and compete in an industry or market.

Monopolists

Entities or individuals that have exclusive control over the production and sale of a particular good or service, allowing them to manipulate market conditions.

Monopolist

A single seller in a market who has significant control over the price and supply of a product or service.