Question

1. How does scarcity of a resource or product impact the value of that resource/product *

(5 Points)
A more scarce product will drop in value
A less scarce product will rise in value
A more scarce product will rise in value
There is no relationship between scarcity and value

Answer 1

A more scarce product will rise in value since people will demand more of it

Answer 2

C. A more scarce product will rise in value.

Step-by-step explanation:

Take a look at things such as diamonds. People, for whatever reason, love rare things. Be it video games, precious jewelry, or the McRib sandwich, even though some of these things can be considered not valuable at all. I mean, have you tried a McRib? And also, Starbucks, take note that changing the cup doesn't make it any special.