Scarcity means that:
A)our desire for a good exceeds the amount that is freely available.
B)at the current market price there is a shortage of the good.
C)we are unable to find a particular good in any of the stores we visit.
D)a particular good is difficult to produce.

Question

Quizplus · Accepted Answer

Scarcity refers to a situation where our desire for a good or resource exceeds the availability of that good or resource. It is a fundamental economic concept that arises from the fact that resources are finite while our wants and needs are infinite. This means that we must make choices about how to allocate scarce resources to meet our most pressing needs and wants.

Scarcity Means That