Scarcity is defined as the situation that exists when the quantity supplied for a good is greater than the quantity demanded.

Name: Scarcity is defined as the situation that exists when the quantity supplied for a good is greater than the quantity demanded.
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Quizplus · Accepted Answer

Scarcity is actually defined as the situation that exists when the quantity demanded for a good is greater than the quantity supplied. This leads to a shortage of the good, which can drive up prices and create an imbalance in the market.

Scarcity Is Defined as the Situation That Exists When the Quantity