Question

1. In which of the following situations, does scarcity

arise.

A. Supply of resources > Demand for resources

B. Supply of resources < Demand for resources

C. Supply of resources = Demand for resources

D.None of these​

Answer 1

B.) supply of resources is less than Demand of resources.

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Answer 2

Option B is the correct answer.

When Supply  of resources < Demand for resources scarcity arises.

1. Scarcity is a situation where there are limited resources.
2. It is scarcity which leads to choices i.e. the fact that there are limited resources makes us to choose the purpose for which the limited resources must be utilised.
3. It is a supply side concept -: when there is scarcity of resources for production then supply falls short of the market demand.