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Scarcity implies that A
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.
Expert Solution
The correct option is B. it is impossible to completely fulfill the unlimited human desire for goods and services with the limited resources available.
Explanation:
Scarcity, an economic term, defines a market situation according to which a product's price increases due to an increase in the demand and limited availability of the resources. The increased price will discourage people from demanding more. As a result, scarcity does not fulfill the human wants as it discourages them and makes them unable to purchase resources due to increased price and fixed income level.
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