The above figure shows the market demand curve for mobile telecommunications (time spent on a mobile phone). If the price were $2.50, consumer surplus equals

Even if the population declines, scarcity will still exist

Indicate whether the statement is true or false

Scarcity is a condition that exists when

A) there is a fixed supply of resources relative to the demand for the product. B) there is a large demand for a product. C) resources are not able to meet the entire demand for a product. D) All of the above