While shopping you discover that your favorite department store has lowered the price on a new MP3 player that you wanted to buy
. You rush into the store, only to find that they are sold out. What concept does this scenario illustrate? A. laissez faire
B. law of diminishing returns
C. scarcity
The correct answer for the given question above would be option C. The scenario wherein you discover that your favorite department store has lowered the price on a new MP3 player that you wanted to buy, and found out that they are sold out, this illustrates scarcity. This is the insufficiency of amount and supply.
Without proper guidelines in place one would outweigh the other cause an imbalance. If the government didn't keep those equal there wouldn't be enough stability and nobody would be able to live fairly.
