Asked by pamela saenz on May 14, 2024
Verified
Diamond rings are relatively scarce because:
A) according to geologists,diamonds are less common than is any other gem-quality stone.
B) the demand for diamonds is so high.
C) diamond producers limit the quantity supplied to the market.
D) of monopolistic competition.
Diamond Rings
Jewelry pieces featuring diamonds set in rings, commonly used as a symbol of commitment in engagements and weddings.
Quantity Supplied
The amount of a good that producers are willing and able to sell at a given price over a specific time period.
- Understand the bases and types of monopolistic power.
- Pinpoint and grasp the difficulties in accessing monopoly markets.
Verified Answer
RF
Rapunzel FrostMay 17, 2024
Final Answer :
C
Explanation :
Diamond producers limit the quantity of diamonds that reach the market to maintain high prices and scarcity. This controlled supply, rather than natural scarcity or market demand alone, is a significant reason for the relative scarcity of diamond rings.
Learning Objectives
- Understand the bases and types of monopolistic power.
- Pinpoint and grasp the difficulties in accessing monopoly markets.