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What is the difference between a shortage and a scarcity?

Select one:
a. A shortage can be temporary or long-term, but scarcity always exists.
b. A shortage results from rising prices; scarcity results from falling prices.
c. There is no real difference between a shortage and a scarcity.
d. A shortage is a lack of all goods and services; scarcity concerns a single item.
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2 Answers

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Eh, Its been a while since I took Econ, but I'm pretty sure the answer is D). Hope this helps-So long and goodnight! (MCR Quotes #emo4life)
User Pradyot
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7 votes
A. is the answer a shortage depends on a single market and has a varying duration while scarcity is the idea that all things are scarce always
User Runrig
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