Question

Scarcity of a good implies:   more output of the good is possible. only the richest people...

Scarcity of a good implies:  
more output of the good is possible.
only the richest people in the economy can buy all they want of the good.
everyone in that society cannot have all they want of the good.
the government restricts production of the good.

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Answer #1

ANSWER:

Scarity of a good implies that everyone in that society cannot have all they want of the good because of the reason that goods supply is less then what the demand of the good is and therefore the correct option is C.

A cannot be the correct option because scarcity means the availability of good is not there and hence more output is not possible.

B cannot be the right answer because since the good is not available in the market then what the demand is for and therefore even the rich people who have the money can't buy due to less availability.

D cannot be the right answer because scarcity has nothing to do with the government restricing production because the resource available to produce the good is less ( raw material).

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