Scarcity can best be defined as a situation in which
A) there are no buyers willing to purchase what sellers have produced.
B) there are not enough goods to satisfy all of the buyers' demand.
C) there is more than enough money to satisfy consumers' wants.
D) the resources we use to produce goods and services are limited.
D
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Any kind of social regulation raises the per unit cost of production of a good and hence leads to a loss of producer and consumer surplus
a. True b. False Indicate whether the statement is true or false
Consumer surplus is
a. a concept that helps us make normative statements about the desirability of market outcomes. b. represented on a graph by the area below the demand curve and above the price. c. a good measure of economic welfare if buyers' preferences are the primary concern. d. All of the above are correct.