Question

Corner offices in high-rise office buildings usually cost more to rent than other offices. This BEST illustrates the economic concept of: a. equilibrium. b. opportunity costs. c. scarcity. d. specialization.

Answer 1

The best illustration of the economic concept is scarcity. Thus the correct option is (C).

What is Scarcity?

Scarcity refers to the limited or the shortage of the natural resources in the particular region. It is an economic concept which defines that there is the shortage to the infinite needs of the human beings because resources are finite.

According to the illustration the corner offices in the high rise building has the high rent because of the limited number of the high rise offices and the huge demand of the location.

Thus the correct option is (C).

Learn more about economic concept  here:

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