What is the difference between a shortage and scarcity?
a. a shortage will exist when a good is scarce.
b. scarcity will always exist because choices must be made, but a shortage will only exist if the price is kept below the equilibrium level.
c. scarcity is a result of two or more alternative uses and will always exist, and quantities of supply and demand adjusting to flexible prices will create shortages.
d. there is no distinction between the two. they are the same thing?
Answers (1)
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “What is the difference between a shortage and scarcity? a. a shortage will exist when a good is scarce. b. scarcity will always exist ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
Edward feels that inefficiency is the cause of increased costs in his production facility. Therefore, he is interested in making improvements in his factory by utilizing all the components of the facility's system: inputs, outputs, transformational
Answers (1)
Jeremy has a new client. He has identified a research question that relates to a transaction that the client completed several months ago. This type of research question will primarily involve:
Answers (1)
The production function is Select one: a. influenced by the productivity of workers. b. the marginal revenue produce minus the wage rate paid to workers. c. the increase in the amount of output from an additional unit of labor. d.
Answers (1)
Which of the types of marketing and advertising professionals receive performance-based pay? 1. Graphic designers 2. Art directors 3. Public relations specialists 4. Advertising agents
Answers (1)
The current futa tax rate is 0.8%, and the suta tax rate is 5.4%. both taxes are applied to the first $7,100 of an employee's pay. assume that an employee earned total wages of $9,100.
Answers (1)
New Questions in Business
Assume a nominal interest rate on oneminusyear U. S. Treasury Bills of 3.80% and a real rate of interest of 2.00%. Using the Fisher Effect Equation, what is the exact expected rate of inflation in the U. S. over the next year?
Answers (1)
You are a manager who works directly with employees that are new to the company. Do you want to have a narrow span of control or a wide span of control? Why?
Answers (1)
A primary job of team management is to manage player salaries so that productive players make more than others. This serves the purpose of rewarding players and providing incentives. For defensive backs, bonuses are given for interceptions.
Answers (1)
Approximately what percentage of wealth is owned by the top 20 percent of american households?
Answers (1)
Why do company manager-owners smile when they ring the stock exchange bell at their IPO? A. Manager-owner are freed of burden of managing their company. B. An IPO reveals the value of the manager-owners' value. C.
Answers (1)