Scarcity implies that
A) consumers are too poor to afford the goods and services available.
B) consumers are willing to purchase more of a good at the current price than suppliers are willing to produce.
C) it is impossible to completely fulfill the desire for goods and services with the limited resources available.
D) consumers would be willing to buy the same quantity of a good at a higher price.

Question

Quizplus · Accepted Answer

Scarcity refers to the limited availability of resources relative to the unlimited wants and needs of individuals and society. This means that it is impossible to completely fulfill the desire for goods and services with the limited resources available. Option A is incorrect because scarcity is not necessarily related to consumers being too poor to afford goods and services. Option B only refers to a situation where supply and demand are not equal, but it does not address the concept of scarcity. Option D is not necessarily true as consumers may not be willing to pay a higher price for a good, depending on their budget constraints and the availability of substitutes.

Scarcity Implies That