Business

Question

example of a product that went through a time of scarcity.

2 Answer

  • Water could work, in context of third-world countries (if you stretch this question a little bit).
  • Answer:

    Water. In third-world countries, there may be a scarcity of fresh drinking water, It the product is scarce, the price is likely to rise because of the law of supply: as the quantity supplied of a good falls, the price rises.

    Explanation:

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