How Is Scarcity Related to Competition

question 68

Multiple Choice

How is scarcity related to competition?

• A) Competition is an effect of scarcity.
• B) Scarcity is an effect of competition.
• C) Both scarcity and competition are effects of a rationing device.
• D) Both scarcity and competition are effects of opportunity cost.
• E) Scarcity produces disutility and competition produces utility.

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Definitions:

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A systematic approach to managing and fulfilling sales orders, encompassing order receipt, processing, fulfillment, and after-sales service.

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