QUESTION 3 A student writes: "I didn't have a phone, so it was scarce for me. But then I bought a phone, so it wasn't scarce anymore." Is this statement correct? Use the economic theory to explain. Sketch at least two different economic graphs to support your answer. Explain how your graphs are relevant to your answer. QUESTION 4 Sketch an economic graph to describe this shop sign. SORRY WE'RE CLOSED BUT STILL AWESOME Stephens, K. (n.d.) Sorry We're Closed signage. [Photograph]. Public Domain