Which of the following goods would be considered scarce? a

Economics Dec 09, 2020

Which of the following goods would be considered scarce?

a. hairpins

b. Tesla cars

c. notebooks

d. all of the above are scarce goods

Expert Solution

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.

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