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 equals 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

Scarce goods or services are ones where the amount people desire exceeds the amount available at a zero price. In other words, there is not enough to satisfy everyone's wants and needs for the good or service. Therefore, choice B is the correct answer.

A Good or Service Is Considered Scarce If