Scarcity implies that:
A) consumers are too poor to afford the goods and services available.
B) at the current market price, consumers are willing to purchase more of a good than suppliers are willing to produce.
C) it is impossible to completely fulfill the unlimited human desire for goods and services with the limited resources available.
D) consumers would be willing to purchase the same quantity of a good at a higher price.

Question

Quizplus · Accepted Answer

Scarcity refers to the limited availability of resources relative to unlimited human wants and needs. Therefore, it is impossible to completely fulfill the unlimited human desire for goods and services with the limited resources available. Option A is incorrect as it assumes that consumers are too poor, which may not necessarily be the case. Option B is incorrect as it refers to a situation of excess demand where suppliers are not producing enough goods, but scarcity is a broader concept. Option D is incorrect as it assumes that consumers would be willing to pay more for the same quantity of a good, but this may not always be the case.

Scarcity Implies That