Alex is at the hardware store comparing different types of piping for a repair in his home kitchen. He can choose between copper
piping or plastic piping. He knows that copper piping is stronger but more expensive. He also knows that plastic piping will work for the job that he is doing, and it is less expensive Based on the information presented in this scenario, what can you determine about the copper piping? a. Copper is a resource that is less scarce then plastic.
b. Copper is more freely available than plastic.
c. Copper is a renewable resource.
d. Copper is a scarce resource, which increases its value.
D. Copper is a scarce resource, which increases its value.
Explanation:
Scarcity determine how much a certain type of resources is available. When the resources become less available, The price of that resources tend to increase.
Since producing copper is way harder than producing plastic, Producer needs a way to accommodate the bigger efforts that they need to make to produce the copper. This justify why the price of copper is higher.
