Question

A buyer is considering the purchase of an apartment building in an area where there is a limited multi-family zoning. This situation would be BEST described by the economic characteristic of

a. demand

b. utility

c. scarcity

d. transferability

Answer 1

The situation described is best described by the economic characteristic of scarcity, which refers to a situation where the quantity of a resource is limited compared to its demand.

Step-by-step explanation:

The situation described, where there is a limited multi-family zoning in an area, is best described by the economic characteristic of scarcity.

Scarcity refers to a situation where the quantity of a resource is limited compared to its demand.

In this case, the limited multi-family zoning means that there are only a limited number of apartment buildings available in the area, creating a scarcity of such properties.