Which of the following are characteristics of a scarce resource?
Choose 1 answer:
(A) The supply of the resource exceeds the demand of the resource.
(B) There is a fixed quantity of the resource available but no demand for it.
(c) There is a demand for that resource with limited supply.
(D) There is limited supply of a resource with no demand for that resource.
(E) The resource has unlimited supply and limited demand.

Question

Which of the following are characteristics of a scarce resource?
Choose 1 answer:
(A) The supply of the resource exceeds the demand of the resource.
(B) There is a fixed quantity of the resource available but no demand for it.
(c) There is a demand for that resource with limited supply.
(D) There is limited supply of a resource with no demand for that resource.
(E) The resource has unlimited supply and limited demand.

Accepted Answer

***C*** ∻Key Concept∻ ⚹Scarcity⚹ ∻Explanation∻ ⚹A scarce resource is characterized by a limited supply in the face of demand for it. Scarcity necessitates the allocation of resources through mechanisms such as markets or rationing.⚹◊Question: How does scarcity impact the pricing and allocation of resources in a macroeconomic context? Formula: $P = \frac{1}{1 + \alpha}$⍭ Generate me a similar question◊

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