If the Price of a Good Has Risen Over Time

question 69

Multiple Choice

If the price of a good has risen over time,

• A)it must have become more scarce.
• B)it must have become less scarce.
• C)it has become more scarce only if the price adjusted for inflation has risen.
• D)it has become less scarce only if the price adjusted for inflation has risen.

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Definitions:

Bering Sea

A marginal sea of the Pacific Ocean located off the northern coasts of Russia and Alaska, known for its diverse marine life and climatic conditions.

Philippine Sea

A marginal sea of the Western Pacific Ocean east of the Philippine archipelago, noted for its biodiversity.

Ice Age

A period of time in which large regions of land are covered year-round with ice and snow, especially in the last 2 million years.

Caspian Sea

A large landlocked body of water between Europe and Asia, classified as the world's largest lake or a full-fledged sea.