Question

1.

What is the difference between a scarcity and a shortage?
(1 point)

A scarcity occurs when producers will not or cannot offer goods or services at the current prices, and a shortage occurs when there are limited quanitites to meet unlimited wants.
Scarcity is the effort that people devote to a task taht meets unlimited wants, and a shortage occurs when supplies of goods or services run low.
A scarcity occurs when supplies of goods and services are suddenly attainable, and a shortage occurs when producers will not or cannot offer goods or services at the current price