tutu1540 tutu1540

07-03-2020
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(4 points)
6. Why does relative scarcity determine the level of prices in a free-market system?
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roydscott roydscott

07-03-2020

Answer:

Because people tend to pay more for something that isn't easily found in the market. If there is relative scarcity then that means there is high demand for that product, and high price as well.

Explanation:

Example would be if gas prices went up because of a disaster and there was a shortage.

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