What do economists mean when they state that a good is scarce?
A) There is a shortage or insufficient supply of the good at the existing price.
B) It is impossible to expand the availability of the good beyond the current amount.
C) People will want to buy more of the good regardless of the price of the good.
D) The amount of the good that people would like exceeds the supply freely available from nature.

Question

Quizplus · Accepted Answer

Scarcity in economics refers to the basic economic problem that arises because resources are limited while human wants are unlimited. A good is considered scarce if the amount people desire exceeds the amount freely available from nature.

What Do Economists Mean When They State That a Good