Which of the following best characterizes "scarcity"?
Answer
5
(1 star)
1
24. Which of the following best characterizes “scarcity”?
An individual can make choices without constraints.
With a binding price floor, the quantity demanded exceeds the quantity supplied.
Minimum wages create unemployment.
An individual cannot make a choice without giving up another.
Answer: D
An individual cannot make a choice without giving up another.