What does scarcity imply?
A) At current market price, consumers are willing to purchase more of a good than suppliers are willing to produce.
B) It is impossible to completely fulfill the unlimited human desire for goods and services with the limited resources available.
C) Consumers are too poor to afford the goods and services available.
D) Consumers would be willing to purchase the same quantity of a good at a higher price.

Question

Quizplus · Accepted Answer

Scarcity implies that there are limited resources to satisfy unlimited human wants and needs. This means that people must make choices and prioritize their needs and wants, as they cannot have everything they desire. Therefore, scarcity is an inherent characteristic of economic systems. The other choices are not accurate descriptions of scarcity.

What Does Scarcity Imply