Which of the following describes the difference between "scarcity" and "shortage"?
A) There is no difference; either word can be used to describe the situation that exists when there is less of a good or service available than people want.
B) There is a shortage of almost everything. Scarcity occurs only if the quantity demanded of a good or service is greater than the quantity supplied at the current market price.
C) There is a scarcity of almost everything. Shortage occurs only if the quantity demanded of a good or service is greater than the quantity supplied at the current market price.
D) There is a scarcity of almost everything. Shortage occurs only if the quantity demanded of a good or service is greater than the quantity supplied at the equilibrium price.
Which of the following describes the difference between "scarcity" and "shortage"?
A) There is no difference; either word can be used to describe the situation that exists when there is less of a good or service available than people want.
B) There is a shortage of almost everything. Scarcity occurs only if the quantity demanded of a good or service is greater than the quantity supplied at the current market price.
C) There is a scarcity of almost everything. Shortage occurs only if the quantity demanded of a good or service is greater than the quantity supplied at the current market price.
D) There is a scarcity of almost everything. Shortage occurs only if the quantity demanded of a good or service is greater than the quantity supplied at the equilibrium price.
