VirtualSC Economics CP Practice Exam 2025 - Free Economics Practice Questions and Study Guide

Question: 1 / 400

What does consumer behavior of waiting in long lines for a new product illustrate?

Consumerism

Consumer rights

Consumer responsibilities

Scarcity

The consumer behavior of waiting in long lines for a new product illustrates the concept of scarcity. Scarcity refers to the limited availability of a resource, good, or service in comparison to the demand for it. When consumers line up to purchase a new product, it demonstrates that there is a high demand for that item, yet the supply may be limited, either due to production constraints or high consumer interest.

This behavior signifies that consumers perceive the product as valuable and worth the wait, especially when it is newly released or in limited quantity. The willingness to stand in line highlights the tension between supply and demand—illustrating that when an item is scarce, consumers are often motivated to act quickly in order to acquire it before it is sold out. Thus, the long lines serve as a visual representation of scarcity in a market economy, where consumer needs and desires meet limited resources.

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