The scarcity problem refers to the fact that
A) consumers do not have to make choices.
B) consumers have limited wants in the face of unlimited resources.
C) there are not many products available to consumers.
D) consumers have unlimited needs and wants,but there are limited resources.
E) there are unlimited resources available so consumers never have to make choices.

Question

Quizplus · Accepted Answer

The scarcity problem refers to the limited nature of resources relative to unlimited wants and needs. Therefore, the option that best reflects this concept is D, which states that consumers have unlimited needs and wants, but there are limited resources. The other options are either incorrect (A, C, E) or only partially correct (B).

The Scarcity Problem Refers to the Fact That