Scarcity is a situation in which resources are unlimited in quantity and can be used in different ways.
Answer the following statement true (T) or false (F)
False
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As the number of firms in a cartel increases, _____: a. it becomes more difficult for member firms to undercut the agreement. b. it becomes less difficult for member firms to undercut the agreement. c. the price of the good sold in the industry decreases
d. the price of the good sold in the industry increases.
Greater scarcity of a natural resource is indicated
a. by an increase in the price of the resource, whether the price increase is less than or greater than the rate of inflation. b. only by an increase in the price of the resource that is less than the rate of inflation. c. only by an increase in the price of the resource that is greater than the rate of inflation. d. only by an increase in the price of the resource that is caused by a decrease in supply and is greater than the rate of inflation.