Demand and Supply MCQ Multiple Choice Questions Answers - Page 3 for Practice

Q: 61. Demands differ from wants in that

Correct Answer is: demands reflect a decision about which wants to satisfy and a plan to buy the good, while wants are unlimited and involve no specific plan to acquire the good.

Q: 62. Scarcity guarantees that

Correct Answer is: wants will exceed demands.

61. Demands differ from wants in that

wants require a plan to acquire a good but demands require no such plan.
demands are unlimited, whereas wants are limited by income.
wants imply a decision about which demands to satisfy, while demands involve no specific plan to acquire the good.
demands reflect a decision about which wants to satisfy and a plan to buy the good, while wants are unlimited and involve no specific plan to acquire the good.