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21 February, 12:50

How is scarcity related to competition?

Competition is an effect of scarcity.

Scarcity is an effect of competition.

Both scarcity and competition are effects of a rationing device.

Both scarcity and competition are effects of opportunity cost.

Scarcity produces disutility and competition produces utility.

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Answers (1)
  1. 21 February, 16:16
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    Answer: Competition is an effect of scarcity.

    Explanation:

    In economical and dismal sense scarcity and competition are correlated, as in they are directly proportional to each other. In today's era where, the population is growing at an exponential rate and the food supply and other resources are either growing at an arithmetical rate or depleting. Therefore there is a scarcity of resources and thus the competition is increasing proportionally.
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