There is a shortage of every good that is scarce.

Question

Quizplus · Accepted Answer

Scarcity refers to the basic economic problem that resources are limited while desires and needs are unlimited. A good being scarce means it is not available in sufficient quantities to satisfy all the desires for it, but this does not necessarily mean there is a shortage. A shortage occurs when the quantity demanded of a good exceeds the quantity supplied at a given price, which can happen with or without scarcity.

There Is a Shortage of Every Good That Is Scarce