Which of the following most accurately describes a "scarce" good?
A) a good for which available resources are insufficient to satisfy unlimited human desires for it
B) a good that is always in demand at any price
C) a good for which there is a shortage at the current market price
D) a good for which it is impossible to increase production any further given the available resources and technology

Question

Quizplus · Accepted Answer

A scarce good refers to a good that is limited in availability due to the insufficiency of resources to satisfy the unlimited human desires for it. This means that there is a limited quantity of the good available, which creates competition among individuals to acquire it.

Which of the Following Most Accurately Describes a "Scarce" Good