Which of the following is the best example of the economic concept of scarcity? a) The Talking Teddy is a surprise holiday hit, resulting in long lines of consumers trying to purchase the limited number of available Teddies. Ob) Fred only gets a 10-hour lunch break and each day must decide between working out at the gym or socializing with his colleagues. c) The local market's buy-one-get-one-free sale on strawberries results in more people wanting the berries than producers are able and willing to supply. d) Pokemon Go is the most popular cell-phone app that can be downloaded free from an app store.

Which of the following is the best example of the economic concept of scarcity? a) The Talking Teddy is a surprise holiday hit, resulting in long lines of consumers trying to purchase the limited number of available Teddies. Ob) Fred only gets a 10-hour lunch break and each day must decide between working out at the gym or socializing with his colleagues. c) The local market's buy-one-get-one-free sale on strawberries results in more people wanting the berries than producers are able and willing to supply. d) Pokemon Go is the most popular cell-phone app that can be downloaded free from an app store.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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