Which statement best describes the impact of scarcity? People are able to meet most of their needs. Consumers must pay higher prices for many items. Governments must try to meet the wants of citizens. Economies can work to provide more goods and services.
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Answer: When the consumers pay higher prices for purchasing many items it reflects that there is a scarcity of the product in the market.
Prices rise when there is demand in the market and at the time of scarcity the need is there, but supply is less, and the consumer has to pay more.
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