Demand and Supply Multiple Choice Questions and Answers

61. Demands differ from wants in that

1. wants require a plan to acquire a good but demands require no such plan.
2. demands are unlimited, whereas wants are limited by income.
3. wants imply a decision about which demands to satisfy, while demands involve no specific plan to acquire the good.
4. 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.

62. Scarcity guarantees that

1. wants will exceed demands.
2. demands will be equal to wants.
3. demands will exceed wants.
4. most demands will be satisfied.