Multiple Choice
What is the difference between a shortage and scarcity?
A) Scarcity will almost always exist,but a shortage will exist only if the price is kept below the equilibrium level.
B) Scarcity is a result of two or more alternative uses,and quantities of supply and demand adjusting to flexible prices will create shortages.
C) A shortage will exist when a good is scarce.
D) There is no distinction between the two.They are the same thing.
Correct Answer:
Verified
Correct Answer:
Verified
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