The Existence of Scarcity Means That

question 166

Multiple Choice

The existence of scarcity means that

• A) there are not enough resources to satisfy unlimited human wants.
• B) firms will increase their production to eliminate the scarcity.
• C) the government will step in to eliminate the scarcity.
• D) firms working with the government will allocate resources to eliminate the scarcity.

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Definitions:

Ratio

A mathematical relationship showing the relative sizes of two or more values, often expressed as a fraction or quotient.

Power Factor

The ratio of real power flowing to the load to the apparent power in the circuit, indicating the efficiency of the power usage.

RLC Series Circuit

An electric circuit consisting of a resistor (R), inductor (L), and capacitor (C) connected in series, creating a circuit with resonant properties.

Circuit Power Factor

A measure of the efficiency of power usage in an electrical circuit, defined as the ratio of real power flowing to the load to the apparent power in the circuit.