[amp_mcq option1=”Non-availibility of goods” option2=”High price of goods” option3=”Less supply than demand” option4=”High profit of the firms” correct=”option3″]<\/p>\n
The correct answer is: C. Less supply than demand<\/strong><\/p>\n Scarcity is a situation in which the amount of something desired is greater than the amount that is available. This can lead to high prices, as people are willing to pay more for the limited goods or services. It can also lead to rationing, as governments or other organizations try to ensure that everyone has access to the goods or services that are available.<\/p>\n Option A is incorrect because non-availability of goods can be caused by a number of factors, including scarcity, but it is not the same thing as scarcity.<\/p>\n Option B is incorrect because high prices can be caused by a number of factors, including scarcity, but it is not the same thing as scarcity.<\/p>\n Option D is incorrect because high profit of the firms can be caused by a number of factors, including scarcity, but it is not the same thing as scarcity.<\/p>\n","protected":false},"excerpt":{"rendered":" [amp_mcq option1=”Non-availibility of goods” option2=”High price of goods” option3=”Less supply than demand” option4=”High profit of the firms” correct=”option3″]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[],"class_list":["post-50134","post","type-post","status-publish","format-standard","hentry","category-economics","no-featured-image-padding"],"yoast_head":"\n