Scarcity can best be defined as a situation in which
A) there are no buyers willing to purchase what sellers have produced.
B) there are not enough goods to satisfy all of the buyers demands.
C) resources are limited in quantity and can be used in different ways.
D) there is more than enough money to satisfy consumers wants.

Question

Quizplus · Accepted Answer

Scarcity refers to the fundamental economic problem of having limited resources to meet unlimited wants and needs, meaning resources must be allocated efficiently.

Scarcity Can Best Be Defined as a Situation in Which