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Because of scarcity,

a. it is impossible to satisfy every desire, and choices must be made.

b. the available supply of time, goods, and resources is greater than human wants.

c. every desire is satisfied.

d. there are no limits on the economy's ability to satisfy unlimited wants.

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Divya Singh
Divya SinghLv10
29 Dec 2020

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Related questions

Scarcity implies that:

A. consumers would be willing to purchase the same quantity of a good at a higher price.

B. it is impossible to completely fulfill the unlimited human desire for goods and services with the limited resources available.

C. at the current market price, consumers are willing to purchase more of a good than suppliers are willing to produce.

D. consumers are too poor to afford the goods and services available

The quantity of goods and services:

  A. available to society cannot change.
  B. available depends on human action while contending with scarcity.
  C. available is not of economic importance.
  D. can always grow in order to always meet or satisfy every individual's wants and desires.

1. The problem of scarcity

a. exists because unlimited human wants cannot be satisfied with limited resources. 

b. exists because the limited human wants cannot be satisfied with available resources.

c. can be solved in a market economy.

d. would disappear if there were no market failures.

 

2. Which statement best describes the​ "law of​ demand"? Other things being​ equal, the quantity of tennis rackets demanded will be greater if the

a. price of tennis rackets is lower.

b. price of badminton rackets is higher.

c. incomes of tennis players are higher.

d. number of tennis players is higher.

 

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