What do economists mean when they state that a good is scarce-09140
What do economists mean when they state that a good is scarce?
This multiple choice question (MCQ) is related to the book/course
vu eco402 Microeconomics.
It can also be found in
vu eco402 Final Term - Quiz No.6.
What do economists mean when they state that a good is scarce?
There is a shortage or insufficient supply of the good at the existing price.
It is impossible to expand the availability of the good
People will want to buy more of the good regardless of price.
The amount of the good that people would like to have exceeds the supply that is freely available from nature.
