What is the relationship between scarcity and shortage, as economists use the terms? O Scarcity creates shortages in the long run. Scarcity is unavoidable but shortages are not. Shortages are the basic cause of scarcity. Scarcity is relative while shortages are absolute. Scarcity and shortage cannot exist simultaneously.

What is the relationship between scarcity and shortage, as economists use the terms? O Scarcity creates shortages in the long run. Scarcity is unavoidable but shortages are not. Shortages are the basic cause of scarcity. Scarcity is relative while shortages are absolute. Scarcity and shortage cannot exist simultaneously.

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter5: Markets In Motion And Price Controls

Section: Chapter Questions

Problem 10P

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