Which of the Following Products Would Be Considered Scarce

question 8

Multiple Choice

Which of the following products would be considered scarce?

• A)bread
• B)baseballs autographed by Babe Ruth
• C)motorcycles
• D)All of the above are correct.

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Definitions:

Opportunity Cost

Opportunity cost represents the value of the best alternative forgone when a decision is made to choose one option over another.

Bushel

A measure of volume that is used primarily for agricultural crops, with the exact measurement differing by product.

Bananas

A type of elongated, edible fruit produced by several kinds of large herbaceous flowering plants in the genus Musa.

Comparative Advantage

The ability of a country or firm to produce a particular good or service more efficiently than other goods or services, relative to other countries or firms.