How does scarcity affect customers?

Question

Limited money forces consumers to make choices.

Limited time prevents customers from making decisions..

Limited numbers of producers force customers to be loyal.

Limited wants and needs limit customers to small purchases.

Answer 1

Scarcity can also lead to increased competition among customers, as they may have to compete for limited resources or products. This can lead to higher prices and decreased availability of desired items. Overall, scarcity can impact customers by limiting their choices, increasing competition, and creating a sense of urgency in purchasing decisions.