AS Paper 1, June 2024Introduction to Markets and Market Failure
AS Paper 1, June 2024, Q1(b)
Which one of the following best describes ‘scarcity’?
Multiple choice1 mark
Context
Scarcity of non-renewable resources, such as oil, is a key reason why alternative resources have been developed by economies. In recent years, within the energy market there has been a large increase in the production of wind power.
AAn extension of the demand curve
BExcess supply
CInsufficient resources to satisfy wants
DThe misallocation of resources