A good or service is considered scarce if
A)any quantity of it can be consumed at a zero price
B)the amount people desire exceeds the amount available at a zero price
C)the amount people desire exceeds the amount available at any price
D)the amount people desire is less than the amount available at any price
E)the amount people desire is less than the amount available at a zero price

Question

Quizplus · Accepted Answer

Scarcity is characterized by the fact that people want more of a good or service than is available, regardless of its price. This means that even at a zero price, a scarce good or service cannot satisfy everyone's desires. Therefore, option B best defines scarcity.

A Good or Service Is Considered Scarce If