Question

scientists discover alaskan oil reserves smaller than believed
which economic concept is illustrated in the headline?
○ benefit
○ demand
○ scarcity
○ trade - off

Explanation:

1. Analyze each option:

• "benefit" refers to advantages or gains, which is not related to the size of oil reserves.
• "demand" is about the desire and ability to buy a good, not about the availability of a resource like oil reserves.
• "scarcity" is the condition of limited resources relative to unlimited wants. If oil reserves are smaller than believed, it means the resource (oil) is more scarce as its available quantity is less.
• "trade - off" involves giving up one thing to get another, which is not related to the size of oil reserves.

Answer:

C. scarcity