Scarcity is defined as the situation that exists when the quantity demanded for a good is greater than the quantity supplied
Indicate whether the statement is true or false
FALSE
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The dollar price of a good relative to the average dollar price of all other goods and services is the good's:
A. nominal price B. equilibrium price C. market price D. real price
The years 2002 through 2007 can be described as a period of
a. falling output accompanied by increasing inflation. b. falling output accompanied by decreasing inflation. c. rising output accompanied by increasing inflation. d. rising output accompanied by decreasing inflation.
Imports tend to
A. raise our rate of inflation. B. lower our rate of inflation. C. have no effect on our rate of inflation.
The term "economic freedom" means
A. the right to trade goods and services. B. the right to own private property. C. the right to own financial assets. D. all the above.