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)There is a bumper crop of strawberries, and stores have more berries than they can sell.

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Definitions:

Actual Interest Rate

The real rate of interest earned or paid on an investment or loan, taking into account the effect of compounding.

Cash Discounts

Reductions in price given to a customer for prompt payment of their bill.

Invoice

A document issued by a seller to a buyer that specifies the products or services sold, quantities, and agreed prices for products or services provided.

Interest Days

The total number of days over which interest is calculated on a loan or investment.