The market for smartwatches is becoming very competitive. The increase in competition in this market is an example of how the market responds to
A) changes in population.
B) increases in income.
C) changes in consumer tastes.
D) decreases in the price of smartphones (a substitute for the product).
Question 2
Scarcity refers to the situation in which
A) unlimited wants exceed limited resources.
B) a country's population is larger than its resource base.
C) a nation's poverty level increases faster than its population.
D) unlimited resources exceed limited wants.
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