Scarcity

question 28

Multiple Choice

Scarcity

• A) is the inability to satisfy all our wants.
• B) leads to higher prices.
• C) applies only to people living in poverty.
• D) is not something that affects very rich people.
• E) used to exist everywhere but has been eliminated in advanced economies.

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Definitions:

Markdowns

A reduction from the original or previous selling price of goods or services, often to clear inventory or boost sales.

Survival

The ability of an individual, organism, or organization to continue existing, often despite facing difficult or challenging circumstances.

Customer Satisfaction

The degree to which customers are happy with a company's products, services, and capabilities.

Merchandise Returns

The process of a customer returning previously purchased goods back to the retailer or supplier, usually due to issues like dissatisfaction, defects, or unmet expectations.