Which of the Following Describes the Difference Between "Scarcity" and "Shortage

Multiple Choice

Which of the following describes the difference between "scarcity" and "shortage"?

A) There is no difference; either word can be used to describe the situation that exists when there is less of a good or service available than people want.
B) In the economic sense,almost everything is scarce.A shortage of a good or service occurs when the quantity demanded is greater than the quantity supplied at the current market price.
C) There is a shortage of almost everything.Scarcity occurs only if the quantity demanded of a good or service is greater than the quantity supplied at the current market price.
D) In the economic sense,almost everything is scarce.A shortage of a good or service occurs when the quantity demanded is greater than the quantity supplied at the equilibrium price.