What is the difference between a shortage and scarcity?
a. a shortage will exist when a good is scarce.
b. scarcity will always exist because choices must be made, but a shortage will only exist if the price is kept below the equilibrium level.
c. scarcity is a result of two or more alternative uses and will always exist, and quantities of supply and demand adjusting to flexible prices will create shortages.
d. there is no distinction between the two. they are the same thing?
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