In an economic sense,scarcity means that there are
A) limited resources available,so consumers never have to make choices.
B) unlimited resources available,so consumers never have to make choices.
C) not many products available to consumers.
D) limited resources available,so consumers have to make choices.
E) unlimited resources available,so consumers have to make choices.

Question

Quizplus · Accepted Answer

Scarcity refers to the limited availability of resources relative to their demand. As a result, consumers must make choices about how to allocate the resources available to them. Therefore, option D correctly defines the concept of scarcity. Options A, B, C, and E are incorrect because they are either in contradiction to the definition of scarcity or do not accurately describe the concept.

In an Economic Sense,scarcity Means That There Are