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Which of the following is not an example of scarcity? a) Only some people can afford to buy a BMW automobile, b) Every individual in society cannot attain the highest standard of living to which he or she might aspire, c) Miranda has an unlimited supply of oranges in her orchard, d) Each member of a household cannot get everything he or she wants
Which of the following is not an example of scarcity?
a) Only some people can afford to buy a BMW automobile,
b) Every individual in society cannot attain the highest standard of living to which he or she might aspire,
c) Miranda has an unlimited supply of oranges in her orchard,
d) Each member of a household cannot get everything he or she wants.
Expert Solution
The correct answer is C) Miranda has an unlimited supply of oranges in her orchard
Miranda has an unlimited supply of oranges in her orchard is an example of scarcity. The reason is that Miranda has an endless supply of oranges because of which everyone would be able to fulfill their need for oranges.
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