Question : Scarcity is the __________.
Option 1: limitation of supply in relation to demand for a commodity
Option 2: limitation of demand in relation to supply for a commodity
Option 3: equal of demand and supply for a commodity
Option 4: None of the above

Question

Question : Scarcity is the __________.

Option 1: limitation of supply in relation to demand for a commodity

Option 2: limitation of demand in relation to supply for a commodity

Option 3: equal of demand and supply for a commodity

Option 4: None of the above

Team Careers360 · Accepted Answer

Correct Answer: limitation of supply in relation to demand for a commodity

Solution : The limitation of the supply in relation to the demand for a good or service is called scarcity. It refers to the situation when wants exceed the available resources. Hence, the correct option is 1.

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Question : Scarcity is the __________.Option 1: limitation of supply in relation to demand for a commodityOption 2: limitation of demand in relation to supply for a commodityOption 3: equal of demand and supply for a commodityOption 4: None of the above

Related Questions

Question : Effective demand refers to that level of aggregate demand which becomes effective because it is equal to aggregate supply. Option 1: Aggregate demand Option 2: Aggregate supply Option 3: Effective demand Option 4: None of the above.

Question : The market equilibrium for a commodity is determined by:Option 1: the market supply of the commodity.Option 2: the balancing of the force of demand and supply for the commodity.Option 3: the intervention of the government.Option 4: market demand of the commodity.

Question : Law of Demand states that there is a negative relationship between ______.Option 1: demand for a commodity and its supplyOption 2: demand for a commodity and its priceOption 3: tax on a commodity and its priceOption 4: supply of a commodity and its price

Question : The demand for the commodity is direct but the demand for a factor of production is called a: Option 1: crossed demand Option 2: joint demandOption 3: derived demand Option 4: independent demand

Question : Equilibrium price is the price when :Option 1: Supply is greater than demand .Option 2: Supply is less than demand .Option 3: Demand is very high .Option 4: Supply is equal to demand.

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Question : Scarcity is the __________.
Option 1: limitation of supply in relation to demand for a commodity
Option 2: limitation of demand in relation to supply for a commodity
Option 3: equal of demand and supply for a commodity
Option 4: None of the above

Question : Effective demand refers to that level of aggregate demand which becomes effective because it is equal to aggregate supply.

Option 1: Aggregate demand

Option 2: Aggregate supply

Option 3: Effective demand

Option 4: None of the above.

Question : The market equilibrium for a commodity is determined by:
Option 1: the market supply of the commodity.
Option 2: the balancing of the force of demand and supply for the commodity.
Option 3: the intervention of the government.
Option 4: market demand of the commodity.

Question : Law of Demand states that there is a negative relationship between ______.
Option 1: demand for a commodity and its supply
Option 2: demand for a commodity and its price
Option 3: tax on a commodity and its price
Option 4: supply of a commodity and its price

Question : The demand for the commodity is direct but the demand for a factor of production is called a:
Option 1: crossed demand
Option 2: joint demand
Option 3: derived demand
Option 4: independent demand

Question : Equilibrium price is the price when :
Option 1: Supply is greater than demand .
Option 2: Supply is less than demand .
Option 3: Demand is very high .
Option 4: Supply is equal to demand.