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Homework answers / question archive / Which of the following goods would be considered scarce? a
Which of the following goods would be considered scarce?
a. hairpins
b. Tesla cars
c. notebooks
d. all of the above are scarce goods
The answer is d).
In a narrow sense, a good is scarce if there is a limited quantity of the good. In a broad sense, a good is scarce if there is an opportunity cost of producing it. In the narrow sense, all the listed goods are scarce because there is a finite quantity of each of them. That is, we do not have an unlimited supply of hairpins, Tesla cars, or notebooks in the world.
