There are not enough of four goods to satisfy the wants of people. For good A, this is true when the price is 100. This is true for good B at a price of 10, for good C at a price of 1, and for good D at a price of zero.
Which situation reflects scarcity rather than shortage? A) A
B) B
C) C
D) D
Question 2
The relative price of a good is that price
A) expressed in today's dollars.
B) expressed in constant 2012 dollars.
C) expressed in terms of the price of another good.
D) that is equal to the equilibrium price.
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