Economics For Today
Economics For Today
10th Edition
ISBN: 9781337670654
Author: Tucker
Publisher: Cengage
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Chapter 1, Problem 1SQ

Which of the following illustrates the concept of scarcity?

  1. a. More clean air is wanted than is available in large polluted metropolitan areas such as Mexico City.
  2. b. There is usually more than one use of your “free” time in the evening.
  3. c. There are many competing uses for the annual budget of your city, county, or state.
  4. d. All of the above are correct.
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Analyze the role of scarcity in daily life. Explain why prices are flexible and can always change. Analyze if you were an owner of a store, how would you deal with a shortage/surplus.
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