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 the product. C. resources are not able to meet the entire demand for a product. D. All of the above.

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 the product. C. resources are not able to meet the entire demand for a product. D. All of the above.

Economics Today and Tomorrow, Student Edition

1st Edition

ISBN:9780078747663

Author:McGraw-Hill

Publisher:McGraw-Hill

Chapter1: What Is Economics

Section1.2: Trade-offs

Problem 3R

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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 the product.

C. resources are not able to meet the entire demand for a product.

D. All of the above.

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