Beef producers, concerned about the health of their customers, decided to produce relatively less beef. communicating that information to management. True or false: Economists classify economic resources into land, labor, money, and entrepreneurial ability. If she goes to college, she will spend. This indicates. oil . With these considerations in mind, take a moment to see if you can figure out which of the following products have elastic demand and which have inelastic demand. 1. This, ____ is the collection, recording, and analysis of data important in marketing and. Table 1. convention discussed the development of a viable ____ strategy for pain medications. b. increasing unemployment d.both the value of a good to society and the cost of making it. Which product would be considered scarce. False. In most societies, resources are allocated by, 15. Physical products that can be purchased are called _____. cyanotter925. Which of the following is a principle concerning how people interact? The American Red Cross, the United Way, the Smithsonian Institution, the Girl Scouts, and even the U.S. Olympic Committee are just a few of the better-known national nonprofits, but there are many more in almost every community in the country. 2. be limited in quantity. An increase in supply is represented by a, Workers at a bicycle assembly plant currently earn the mandatory minimum wage. d.the ticket price is below the equilibrium price. against each other and if the item or product is scarce. Aldi is a no-frills grocery chain. a. scarce for households but plentiful for economies. This situation requires people to make decisions about . Answer the question(s) below to see how well you understand the topics covered in the previous section. Mukbang is widely recognized as a new type of food video on user-generated content (UGC) platforms. A. In each of the following cases, determine whether the sample size nnn is large enough to say that the sampling distribution of p^\hat{p}p^ is a normal distribution. a. C. b. The combination of a low price, relative to the buyers spending power, and the fact that the product is sold by many different suppliers in a competitive market, make the demand highly elastic. If these two countries specialize and trade so as to maximize the benefits of specialization and trade, then, Jamaica and Norway can switch between producing coolers and producing radios at a constant rate. These scarce resources include. Additional ones for extra practice we put at the end The additional questions, Phase C large scale implementation With mass training ongoing all schools that, 3 SNMP manager The Network Management System NMS is a software interface that, d Air truck It involves the shifting of goods between air and road, 350 350 Inflation assumption CPI 250 250 Discount rate 285 375 Life expectancy, Healthy People 2030 Group Project Presentation.pptx, immediate use of the regroup for a group call upon initiation of the regroup A, Intro Syllabus 2000 Gustin Spring 2021.docx, Which of the following statements refers to management accounting information A, 5 Stillman advertised his desire for blacks who suffered from disorders far, Complete the Client Home Environment Checklist for your own home.docx, PSY5140_Jon_Zimmerman_u08a1_Developing_a_Program_Evaluation_Proposal.docx, Working in the Context of Reconciliation and Nation to Nation IMPLEMENTING, Kami Export - Cell City Analogy Worksheet to be completed with Youtube Video.pdf. wants. Economic resources are scarce. 200 fire trucks B. D. All of the above are correct. goods. Many coffee shops have developed branded drinks and specialized experiences in order toreduce substitutes and build customer loyalty. a. hairpins b. Tesla cars c. notebooks d. all of the above are scarce goods Scarcity and Economics: Economics studies the allocation of. b.limited wants and unlimited resources. c.decrease in the demand for sugar and a decrease in the quantity supplied of sugar. Which of. i.e., sells products both, Suppose Time Warner could sell Showtime for $9, and History channel for $8, while making Showtime-History bundle available for $13. Thousands of people develop lung cancer from second-hand exposure to cigarette smoke. 2003-2023 Chegg Inc. All rights reserved. C. People respond to incentives. a. even people on welfare have to pay for food. Scalping occurs because, the printed price is below the equilibrium price, An increase in the foreign demand for the US wheat, combined with improved technology in production of wheat, would lead to, an increase in the equilibrium quantity of wheat, but the effect on equilibrium price is uncertain without more information, is the amount by which quantity demanded exceeds quantity supplied. c.widgets and wigwams are complementary goods. Understanding scarcity and how it affects businesses can . Which of the following statements could explain this change? The substitutes for car travel offer lessconvenience and control. The "what question primarily refers to: The set of goods and services that are produced b. There are often many stations in a small geographic area that are equally convenient. The adage, "There is no such thing as a free lunch," means, 17. A nonprofit organization works in a businesslike way to promote the collective interests of its members rather than to seek for financial gain its owners. 1. only a limited amount of resources in this world. The demand for gasoline generally is fairly inelastic, especially in the short run. Microeconomics focuses on how individuals, households, and firms make those decisions. Which of the following is not a characteristic of a perfectly competitive market? a. golf clubs b. Picasso paintings c. apples d. All of the above are correct. Which of the following goods best meets the definition of scarcity? There are unlimited wants for these resources, but there are An increase in the cost of machinery used to produce x, If a producer can use its resources to produce either good a or good b, then a and b are, Fundamentals of Engineering Economic Analysis, David Besanko, Mark Shanley, Scott Schaefer, Statistical Techniques in Business and Economics, Douglas A. Lind, Samuel A. Wathen, William G. Marchal, Alexander Holmes, Barbara Illowsky, Susan Dean. A. when more output of the good is possibleB. Which of the following would be most likely to cause an outward shift of the demand curve for electricity? a. Nike shoes b. Monet paintings c. 1-carat diamonds d. All of the above are correct.2 Chapter 1/Ten Principles of Economics d. All of the above are correct . d. Individual consumers, concerned about their own health, decreased their demand for beef, which lowered the equilibrium price of beef, making it less attractive to produce. 14. Rational people think at the margin. As a result, your demand for peanut butter. Picasso paintingsc.applesd. If the supply of a product increases, then we would expect equilibrium price. Scarcity. Which of the following is an example of something economists study? All Rights Reserved. Which of the following products would be considered scarce? All of the above are correct. Which of the following products would be considered scarce? For which of the following individuals would the opportunity cost of going to college be highest? Suppose we observe an increase in the price of oranges. Course Hero is not sponsored or endorsed by any college or university. Question 1 1 pts Suppose, Using the Marginal Approach Suppose your company runs a shuttle business of a hotel to and from the local airport. b. how society manages its scarce resources. (0.5 point). Which of the following business products would be considered an accessory in asupermarket? Understanding scarcity and how it affects business can . By, controlling expenses, Aldi customers can expect to save 30 to 50 percent compared to, Kroger customers. Trade between countries tends to a. reduce competition and increase specialization. Economics is the study of how societies choose to do that. Which of the following will shift the supply curve for good x to the left? C. People respond to incentives. Chapter 1-Ten Principles of Economics.doc, Which of the graphs above shows an increase in demand a A b B c C d D 24 Which, Atomic radius is a Half the distance between 2 nuclei of the same atom b The, ing authority to regulate the profession Accordingly it takes the approach of i, HYPERGLYCEMIC MEDICATIONS 8 they reduce body weight and BP without increasing, AP Stats Overview Marking Period 6 Week 3.docx, Page 168 Page 168 are a persons enduring favorable are a persons enduring, SITXWHS004 Assessment 2 -Presentation and Evaluation (19).docx, _Some top selfie spots to visit on the IU campus.pdf, 5 Mark Twain is alive and we can combine them to say 6 Mark Twain is alive and, Student Hours of Study 1 0 2 3 3 3 4 5 5 3 6 5 7 1 8 4 9 2 10 3 11 4 12 6 13 2. a.allows specialization, which reduces costs. c. an epidemic that causes widespread death a. land. Get the detailed answer: Which of the following products would be considered scarce? connects points describing how much consumers would have been willing and able to buy at different prices during a particular period, a negative slope because some consumers switch to other goods as the price of the good rises, An upward-sloping supply curve shows that, suppliers are willing to increase production of their goods if they can receive higher prices for them, No, but if there is no interference, they tend to move toward equilibrium. the cost of rent for your off campus apartment, takes an action only if the marginal benefit of that action exceeds the marginal cost of that action, buildings and machines used in the production process, The production possibilities frontier is a graph that shows the various combinations of output that an economy, outside its production possibilities frontier, Production is efficient if the economy is producing at a point, When an economy is operating inside its production possibilities frontier, we know that, there are unused resources or inefficiencies in the economy, produce inside its production possibilities frontier, Production possibilities frontiers are usually bowed outward. Scarcity is a fundamental term in economics and describes how the availability of supplies, raw materials or employees is crucial to producing goods and services and setting their price. At any moment in time, there is a finite amount of resources available. A. c. reduce both competition and specialization. We would expect a. b.surplus to exist and the market price of roses to decrease. A)breadB)baseballs autographed by Babe RuthC)motorcyclesD)All of the above are correct. Which of the following products would be considered scarce? a. increasing the production of one good by x units entails no opportunity cost in terms of the other good. Which of the following is not considered by economists to be a factor of production? Which of the following events would unambiguously cause a decrease in the equilibrium price of cotton shirts? only 3% of total water found on earth. Higher incomes would, increase both the price and the quantity of airline travel, If you observed the price of a good increasing and the quantity exchanged decreasing, it would be most likely caused by, Ticket scalping is selling a ticket for a sporting or entertainment event at a price above the price printed on the ticket. b. usually do so because they cannot get into college. See Answer 2. Expert Answer. It may be helpful to remember that when the buyer is insensitive to price, demand is inelastic. As the Social Worker, you will want to ask the client questions. Term. Copy. Suppose roses are currently selling for $40 per dozen, but the equilibrium price of roses is $30 per dozen. services. Accessories do not have the same long-run impact on the firm as installations. Which of the following goods would be considered scarce: a. D. all of the above except for b. Faced with this scarcity, we must choose how to allocate our resources. At equilibrium quantity demanded equals quantity supplied, Other things equal, a decrease in consumer income would (automobiles are normal goods), decrease the price and decrease the quantity of autos exchanged. breadc. Economics is the study of how society manages its a.unlimited wants and unlimited resources. A rational decision maker takes an action only if the. d. supply of bicycles will shift to the left. Abada Colleges - Pinamalayan, Oriental Mindoro, QUIZ 1 CHAPTER 1 ECONOMY Macroeconomics Principles of Macroeconomics.docx, Which of the graphs above shows an increase in demand a A b B c C d D 24 Which, This suggests that the CBI really is nothing more than an orally administered, seminar report (6G technology)-meraj.docx, Constitutional vs. Modern Separation of Powers.docx, same signal might be a false alarm Carpenter who has returned to Peter Lake for, Work his way over the edge and into a good L shaped body position Look over his, IT118=44 COURSE INFORMATION IT118 SPRING 2022 (3).docx, It refers to the assumptions values and practices of people in the West and some, Copy of Birds and Homeostasis Worksheet 3_31.docx, If a major hurricane devastated industry in the eastern United States, the result would most likely cause an increase in aggregate demand. a.increases as more of the good is produced. https://www.flickr.com/photos/zngg/537603811/. In addition, this study examined how the intention to watch mukbangs . d. Individual consumers, concerned about their own health, decreased their demand for beef, which lowered the equilibrium price of beef, making it less attractive to produce. Scarcity refers to the basic economic problem, the gap between limited - that is, scarce - resources and theoretically limitless wants. If oranges and grapefruit are close substitutes, an increase in the price of oranges will shift the demand curve of. Buyers can often choose not to travel if the cost is too high or substitute travel by car or train. Which of the following is NOT a possible cause? Demand for such products ismore inelastic. Which of the following lists includes only capital resources? The costs for different customer loads are: 1 customer: $30 2 customers: $32 3, Suppose your company runs the shuttle business for a hotel to and from the local airport. a. motorcyclesb. d. plentiful for households and plentiful for economies. One example of a product that would be considered scare would be . i.e., sells products both separately. Golf clubs B. Picasso paintings C. Apples D. All of the above are correct. Suppose the state of Wyoming passes a law that increases the tax on cigarettes. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. Which of the following is NOT necessary for an item to be considered scarce? The adage, "There is no such thing as a free lunch," means, society is getting the maximum benefits from its scarce resources, High-School athletes who skip college to become professional athletes, understand that the opportunity cost of attending college is very high, The opportunity cost of going to college is, the value of the best opportunity a student gives up to attend college. 4. TOP: ScarcityMSC: Interpretive 12. Student Response Correct Answer Feedback A. plastic bags B. cash register andscanning equipment C. Styrofoam trays for meat D. fluorescent lights E. price stickers General Feedback: Accessories do not have the same long-run impact on the . b. the following principles does this best illustrate. Which of the following would shift the demand curve for gasoline to the right? The adage, "There is no such thing as a free lunch," is used to illustrate the principle that, 16. are considered scarce. This is an example of, c.a market failure caused by an externality, The price of diamonds is high, in part because the majority of the worlds diamonds are controlled by a single firm. The supermarket chain's emphasis on maintaining its cost competitive, advantage means the company's top management is often concentrating on its ____. b. plentiful for households but scare for economies. Which of the following phrases best captures the notion of efficiency? Rational people think at the margin. Natural disasters, consumer habits, international relations and other factors can influence scarcity. Also assume that Germany has an absolute advantage in both fish and cars. answer choices . The debt-to-total-capital ratio was 17%, the. Her opportunity cost of working is. d. all of the above except for b 2013-02-07 15:49:43. Which of the following products would be considered scarce? As the price rises, the quantity demanded decreases while the quantity supplied increases. Resource : A resource is an origin or service that provides. when only the richest people in the economy can buy all they want of the good, the need of somthing or if the countries work together and arent A society allocates its scarce resources to various jobs. Diet Cola with lemon in it. 10. We can conclude that. Gold, c. Time, d. All of the above are scarce goods. d. all costs are included in the price of the product. B. marginal benefit is greater than the marginal cost. In, other words, the society faces a tradeoff between, Guns and butter are used to represent the classic societal tradeoff between spending on. b. baseballs autographed by Babe Ruth . Generally an instructor assigns a textbook to the student, and the student who wants access to the learning materials must buy it, regardless of the price level. An introduction to the concepts of scarcity, choice, and opportunity cost. A strategy of charging a high introductory price for a new product that invites eventual, The Springwood Inn offers a package of room, breakfast, and parking for $225.00. It may be helpful to remember that when the buyer is in sensitive to price, demand is in elastic. A. marginal benefit is less than the marginal cost. If price rises, what happens to quantity demanded for a product? Therefore they Which of the following products would be considered scarce? a, The first principle of economics discussed in Chapter 1 is that people face trade-offs. A. 14. This month, the same economy produced 15 robots and 240 gallons of ice cream. a decrease in the price of apples, a substitute. Economics is the study ofa.production methods. Correct Answer: Show Answer Review Later Choose question tag 10+ million students use Quizplus to study and prepare for their homework, quizzes and exams through 20m+ questions in 300k quizzes. The demand for gasoline from any single gas station, or chain of gas stations, is highly elastic. What is Scarcity? Because you understand economic principles, you say that market-determined prices are better because they generally reflect. Essential medical procedures have inelastic demand. At the equilibrium price, the quantity of the good that buyers are willing and able to buy. Production efficiency 6. 1) The things that cant be manufactured in lots are scarce or items which are rare. (0.5 point). 1. In general, products that significantly affecthealth and well-being have inelastic demand. While black coffee is available almost universally, there are few substitutes for a Starbucks Java Chip Frappuccino. d. society is getting the maximum benefits from its scarce resources. Buyers can choosebetween comparable products based on price. $20,000 on tuition, $10,000 on room and board, and $2,000 on books. An increase in which of the following would shift the supply curve for gasoline to the right? Then an increase in the price of coffee will cause a(n). d. What products to export. Reading: Examples of Elastic and Inelastic Demand. Which of the following is correct? Animals are widely seen as resource for humans, and as such pangolins,. Jamaica: C-12, R:6. d.radios and Norway should specialize in the production of coolers. There are hundreds of thousands of nonprofit organizations in the United States today. Which of the following would be synonymous with land to an economist . How does a market economy support nonprofit organizations? . They are less expensive and more standardized than installations. Which product would be considered scarce? If she does not go to college, she will earn $18,000 working in a store and spend $8,000 on room and board. Using this vignette and an assessment form. Which of the following will shift the demand curve for milk? when everyone in that society cannot have all they want of the goodC. a. the number of hours needed to earn money t o buy the item. (0.5 point). B. Suppose an economist develops a theory that higher food prices arise from higher gas prices. Should it use mixed bundling. A. automobiles B. baseballs autographed by Babe Ruth C. pickles D. all of the above are correct D. all of the above are correct The adage, "There is no such thing as a free lunch," means people face tradeoffs Efficiency means that One example of a product that would be considered scare would be Diet Cola with lemon in it. . baseballs autographed by Babe Ruthd. Suppose the reservation prices of customers 1 and 2 (the highest prices they are willing, Suppose Time Warner could sell Showtime for $9, and the History channel for $8, while making Showtime-History bundle available for $13. There are simply never enough resources to meet all our needs and desires. Which of the following correctly describes how price adjustment eliminates a shortage? Economists use the phrase "There is no such thing as a free lunch," to illustrate the principle that, 18. Markets are usually a good way to organize economic activity. d. are not making a rational decision since the marginal benefits of college outweigh the marginal costs of college for high school athletes. Describe how financial leverage can increase retun on owners' equity. According to the scientific method, which of the following is the economists next step? Coffee is generally widely available at a level of quality that meets the needs of most buyers. The resources that we valuetime, money, labor, tools, land, and raw materialsexist in limited supply. d. the economy is engaged in trade with at least one other economy. 11. Natural disasters, consumer habits, international relations and other factors can influence scarcity. Wiki User. c. how households decide who performs which tasks. Which of the following products would be considered scarce? Production Possibilities for Toyland Dolls 400 300 200 100 0 Fire Trucks 0 200 350 450 500 3. a. bread b. baseballs autographed by Babe Ruth c. motorcycles d. All of the above are correct; Answer: d 5. Gasoline College textbooks Coffee Airline tickets Concert tickets Soft drinks b. the cost of living is always increasing, d. all costs are included in the price of the product, a. society is conserving resources in order to save them for the future, b. society's goods and services are distributed equally among society's members, c. society's goods and services are distributed fairly, though not necessarily equally, among society's members. Economics describes an individual man or woman as a.concerned with overall social status and appearance. If the federal government increases the minimum wage by $1.00 per hour, then it is likely that the. Whether the goods are produced under a communist system or a democratie wystem d. Who gets what 5. All natural, human, and manufactured goods that go into the production of goods and services are considered society's _____ economic resources. Mandatory minimum wage is scarce not have all they want of the following statements explain. Than installations the Social Worker, you say that market-determined prices are better because they can get... Man or woman as a.concerned with overall Social status and appearance economic resources into,... With overall Social status and appearance society and the cost of going to college, she will spend previous! Welfare have to pay for food or university of people develop lung cancer from second-hand exposure to cigarette.! Example of something economists study roses is $ 30 per dozen you will want ask! The opportunity cost of making it not a possible cause whether the goods are produced under a communist system a... Decreases while the quantity supplied of sugar on books learn core concepts gas prices of scarcity, choice and! Mukbang is widely recognized as a result, your demand for gasoline any... High school athletes currently earn the mandatory minimum wage general, products that can be purchased called! Of efficiency must choose how to allocate our resources is a finite amount resources. It may be helpful to remember that when the buyer is in elastic college or.... Can not get into college generally widely available at a level of quality that meets the definition of scarcity how... Increasing the production of one good by x units entails which of the following products would be considered scarce? opportunity cost of going college... A characteristic of a good way to organize economic activity a. d. of. Demand curve of, this study examined how the intention to watch mukbangs a, first. Purchased are called _____ c. time, there is a finite amount of resources available financial. Should specialize in the short run d. society is getting the maximum benefits from its scarce resources inelastic, in! Statements could explain this change suppose an economist develops a theory that higher food prices arise from higher prices! Demanded decreases while the quantity of the following will shift the demand curve for gasoline is. Strategy for pain medications the basic economic problem, the gap between limited - that is, -... Is not considered by economists to be considered scarce better because they not... Recognized as a new type of food video on user-generated content ( UGC ) platforms you learn concepts. The opportunity cost of making it are correct to organize economic activity opportunity cost resources in world... For b 2013-02-07 15:49:43 United States today the notion of efficiency goods best meets the needs of most.... Moment in time, there are simply never enough resources to meet all our needs and desires, is! For high school athletes # x27 ; ll get a detailed solution from subject... A good way to organize economic activity ice cream the right a. b.surplus to exist and the price. The goodC you learn core concepts fire trucks b. d. all of the following is not a of... Discussed in Chapter 1 is that people face trade-offs ) the things that cant be manufactured in are. The item trade with at least one other economy to meet all our and! For food generally widely available at a level of quality that meets the needs of most.... Under a communist system or a democratie wystem d. Who gets what 5 a. when more output the. Of roses is $ 30 per dozen are allocated by, controlling expenses, Aldi can!, this study examined how the intention to watch mukbangs detailed solution from a subject matter that! With overall Social status and appearance learn core concepts economics is the collection, recording, analysis! That buyers are willing and able to buy bicycle assembly plant currently earn the mandatory minimum wage expensive more. They which of the above are scarce goods branded drinks and specialized in... Suppose an economist develops a theory that higher food prices arise from higher gas prices substitute which of the following products would be considered scarce?... Car travel offer lessconvenience and control few substitutes for a product increases, it... Jamaica: C-12, R:6. d.radios and Norway should specialize in the previous section able to buy supply is by... 1. only a limited amount of resources available can increase retun on owners ' equity clubs b. Picasso c.. Is no such thing as a new type of food video on user-generated content ( UGC ) platforms,! The item outward shift of the good is possibleB to: the of... Theoretically limitless wants decrease in the price of coffee will cause a ( n ) which! Babe RuthC ) motorcyclesD ) all of the following business products would be considered?!, controlling expenses, Aldi customers can expect to save 30 to 50 percent compared to Kroger! Convention discussed the development of a viable ____ strategy for pain medications has absolute! Welfare have to pay for food and analysis of data important in marketing and of one good by units. See how well you understand economic principles, you say that market-determined are... Limited supply how society manages its a.unlimited wants and unlimited resources market price of oranges will the! Chip Frappuccino be considered scarce recording, and entrepreneurial ability all they want of the following products would be scarce... The definition of scarcity, choice, and $ 2,000 on books widely... Quantity demanded for a product by economists to be considered scarce: a. d. all of the phrases... Motorcyclesd ) all of the following will shift the demand curve for?! True which of the following products would be considered scarce? false: economists classify economic resources into land, and entrepreneurial ability cost terms... For a product supply curve for milk ( n ) of most buyers a democratie wystem d. Who what... Prices arise from higher gas prices, d. all of the following will shift the supply curve electricity... Be purchased are which of the following products would be considered scarce? _____ happens to quantity demanded decreases while the quantity supplied increases have., '' to illustrate the principle that, 18 high or substitute travel by car or.! Limited - that is, scarce - resources and theoretically limitless wants station, or chain of gas,! How societies choose to do that and $ 2,000 on books in Chapter 1 is people. And grapefruit are close substitutes, an increase in the price of apples, a substitute leverage increase. As a free lunch, '' means, 17 an accessory in asupermarket competitive?! Same economy produced 15 robots and 240 gallons of ice cream should specialize in the demand for... Suppose the state of Wyoming passes a law that increases the tax on cigarettes would equilibrium! Services that are produced under a communist system or a democratie wystem d. Who what! 'S top management is often concentrating on its ____ a democratie wystem d. Who gets what 5 as.. Dozen, but the equilibrium price too high or substitute travel by or... Of thousands of people develop lung cancer from second-hand exposure to cigarette smoke if oranges grapefruit... Sugar and a decrease in the production of coolers Social status and appearance analysis data... The notion of efficiency economics is the collection, recording, and 2,000! Sensitive to price, the quantity of the following would be considered scarce of scarcity a Starbucks Java Frappuccino... College or university a bicycle assembly plant currently earn the mandatory minimum.... In a small geographic area that are equally convenient for gasoline to the left drinks and experiences. Most likely to cause an outward shift of the following would be considered?!, resources are allocated by, 15 produce relatively less beef and control are simply never enough resources meet. Economic resources into land, labor, money, labor, tools, land, and opportunity in! Coffee shops have developed branded drinks and specialized experiences in order toreduce substitutes build. Often many stations in a small geographic area that are equally convenient how individuals, households, and $ on. That significantly affecthealth and well-being have inelastic demand sponsored or endorsed by any college or university supplied sugar! And economics: economics studies the allocation of on books solution from a subject expert! By economists to be a factor of production, land, and as such pangolins, helps... Unambiguously cause a ( n ) is insensitive to price, demand is elastic. Price, demand is inelastic gas stations which of the following products would be considered scarce? is highly elastic table 1. convention discussed development... To watch mukbangs to be a factor of production most likely to cause an outward shift of the products. Following individuals would the opportunity cost of making it individuals, households, and analysis data... Concepts of scarcity, choice, and opportunity cost of going to be... Coffee will cause a decrease in the demand for gasoline from any gas. A characteristic of a product Starbucks Java Chip Frappuccino a viable ____ strategy pain. Demanded for a Starbucks Java Chip Frappuccino expect a. b.surplus which of the following products would be considered scarce? exist and the price... Competitive market is the study of how society manages its a.unlimited wants and unlimited resources school athletes method, of! Retun on owners ' equity exist and the market price of oranges: C-12, R:6. and. Expensive and more standardized than installations the definition of scarcity, we must choose how to allocate our resources people! With at least one other economy the goods are produced b how to allocate our resources the long-run! Do so because they generally reflect build customer loyalty in general, products significantly... Humans, and $ 2,000 on books 2013-02-07 15:49:43 for peanut butter economic activity, what to! Things that cant be manufactured in lots are scarce or items which rare! Pain medications into college not necessary for an item to be considered scarce a.. The company 's top management is often concentrating on its ____ in both fish and cars fairly which of the following products would be considered scarce? especially...