Which of the following illustrates scarcity? A. Ben will travel to New York City

Question

Which of the following illustrates scarcity? A. Ben will travel to New York City for spring break B. I got a new pair of running shoes C. Angie loves riding her bike D. Susan wants to buy an I phone 7 for $700.00 but only has $200.00 to spend Which of the following illustrates scarcity? A. Ben will travel to New York City for spring break B. I got a new pair of running shoes C. Angie loves riding her bike D. Susan wants to buy an I phone 7 for $700.00 but only has $200.00 to spend A. Ben will travel to New York City for spring break B. I got a new pair of running shoes C. Angie loves riding her bike D. Susan wants to buy an I phone 7 for $700.00 but only has $200.00 to spend

Explanation / Answer

Answer:- Which of the following illustrates scarcity?

Correct Answer:- D. Susan wants to buy an I phone 7 for $700.00 but only has $200.00 to spend

Reason:- Scarcity can be defined as a state of shortage of supply of something or lack of something. As in the option, $700 is required to buy iPhone but there is only $200 so there is a scarcity of $500.

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