Which of the following statements is true?

Question

Quizplus · Accepted Answer

Scarcity is a fundamental economic concept that applies to all individuals and groups regardless of their income level. This means that both the poor and the rich face scarcity when it comes to goods and resources. While the rich may have greater access to certain goods, they still face scarcity in terms of limited time and resources to acquire and consume all the goods they desire. Similarly, the poor face scarcity in terms of their limited resources and incomes, which restrict their ability to purchase all the goods they need or want. Thus, option C is the only statement that accurately reflects the nature of scarcity for both the poor and the rich.

Which of the Following Statements Is True