The Concept of Scarcity Refers to

Multiple Choice

The concept of scarcity refers to

A) a situation in which an item is very expensive.
B) a situation in which an item is available only in very small quantities.
C) a situation in which a resource is nonrenewable.
D) a situation in which people face a shortage in a particular market.
E) a situation in which the available resources are not enough to satisfy the wants of the people.