Resources, or factors of production, are scarce:
A) only because of inefficiency; if we produced efficiently scarcity would disappear.
B) both in an absolute sense and relative to the wants and needs they must satisfy.
C) in an absolute sense, but not relative to the wants and needs they must satisfy.
D) relative to the wants and needs they must satisfy, but some are abundant in an absolute sense.

Question

Quizplus · Accepted Answer

The Answer of Resources, or factors of production, are scarce:
A) only because of inefficiency; if we produced efficiently scarcity would disappear.
B) both in an absolute sense and relative to the wants and needs they must satisfy.
C) in an absolute sense, but not relative to the wants and needs they must satisfy.
D) relative to the wants and needs they must satisfy, but some are abundant in an absolute sense.

Resources, or Factors of Production, Are Scarce