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Author Question: Which of the following describes the difference between "scarcity" and "shortage"? (Read 44 times)

123654777

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on: Mar 15, 2019

Which of the following describes the difference between "scarcity" and "shortage"?


◦ 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.
◦ In the economic sense, almost everything is scarce. A shortage of a good or service occurs when the quantity demanded is greater than the quantity supplied at the current market price.
◦ 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.
◦ In the economic sense, almost everything is scarce. A shortage of a good or service occurs when the quantity demanded is greater than the quantity supplied at the equilibrium price.
Macroeconomics ¦ Hubbard, O'Brien ¦ 6th Edition
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Marked as best answer by 123654777 on Mar 15, 2019

CourtneyCNorton

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Reply #1 on: Mar 15, 2019
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
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123654777

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Reply 2 on: Mar 15, 2019
Great answer, keep it coming :)

bigsis44

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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