Economics 0455 · IGCSE · The nature of the economic problem

The nature of the economic problem — practice question

Consumers and producers both have the same difficulty of meeting wants. What is the most likely reason that wants cannot be fully met?

  • Aconsumers and producers cannot establish an equilibrium price
  • Bconsumers have excess choice when producers oversupply
  • Cconsumers have limited income and producers have finite resources
  • Dconsumers lack information to buy and producers lack motivation to supply

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