A "scarce" good is a good:
A) for which it is impossible to increase production any further given the available resources and technology.
B) for which there is a shortage at the current market price.
C) that is always in demand at any price.
D) for which available resources are insufficient to satisfy unlimited human desires for it.

Question

Quizplus · Accepted Answer

Scarce goods are those for which the available resources are insufficient to satisfy the unlimited human desires for them. This means that even if we had all the resources and technology in the world, there would still be a scarcity of these goods because demand would always exceed supply. Goods that are limited in supply but not in demand (such as air) are not considered scarce because they can be obtained easily despite their limited quantity.

A "Scarce" Good Is a Good