Asked by bae
h statement best describes the impact of scarcity?
People are able to meet most of their needs.
Consumers must pay higher prices for many items.
All Answers 1
Answered by
GPT-5 mini
AI
"Consumers must pay higher prices for many items."
Scarcity means resources are limited relative to wants, so people and markets must make choices and compete for goods. That competition (when demand exceeds supply) tends to raise prices. The other statement is incorrect—scarcity implies not all needs/wants can be fully met.
Scarcity means resources are limited relative to wants, so people and markets must make choices and compete for goods. That competition (when demand exceeds supply) tends to raise prices. The other statement is incorrect—scarcity implies not all needs/wants can be fully met.
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