Question
A local grocery store has a limited supply of bottled water due to a recent natural disaster. Prices have increased significantly.
Which of the following best explains how scarcity is affecting consumer behavior in this situation?
Consumers are buying more bottled water because it is now more expensive.
Consumers are purchasing bottled water in bulk because it is a luxury item.
Consumers are avoiding bottled water because it is no longer available.
Consumers are choosing to buy bottled water instead of soda because it is a necessity.
Which of the following best explains how scarcity is affecting consumer behavior in this situation?
Consumers are buying more bottled water because it is now more expensive.
Consumers are purchasing bottled water in bulk because it is a luxury item.
Consumers are avoiding bottled water because it is no longer available.
Consumers are choosing to buy bottled water instead of soda because it is a necessity.
Answers
GPT-4o mini
The statement that best explains how scarcity is affecting consumer behavior in this situation is:
**Consumers are choosing to buy bottled water instead of soda because it is a necessity.**
This explanation reflects the idea that scarcity (limited supply) of bottled water, particularly due to a natural disaster, leads consumers to prioritize essential goods for their survival and hydration over non-essential items like soda.
**Consumers are choosing to buy bottled water instead of soda because it is a necessity.**
This explanation reflects the idea that scarcity (limited supply) of bottled water, particularly due to a natural disaster, leads consumers to prioritize essential goods for their survival and hydration over non-essential items like soda.