GK
BUSINESS ECONOMICS
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
does not apply to rich, developed countries.
|
|
|
applies only to the less developed countries.
|
|
|
implies that consumers wants will be satisfied in a socialistic system.
|
|
|
implies that consumers wants will never be completely satisfied.
|
Detailed explanation-1: -The law of scarcity defines that human wants are unlimited and resources available are limited and have alternative uses. Therefore, there will be always some wants which will remain unsatisfied, since the available resources will have to be allocated so as to produce those goods which will maximise satisfaction.
Detailed explanation-2: -The Law of Scarcity simply states: If what we desire “appears” to be in limited supply, the perception of its value increases significantly.
Detailed explanation-3: -Expert-Verified Answer d ) Implies that consumers wants will never be completely satisfied.
Detailed explanation-4: -Answer and Explanation: The correct answer is d. The problem will exist as long as resources are available in limited amounts.
Detailed explanation-5: -4. Scarcity implies that: A. consumers would be willing to purchase the same quantity of a good at a higher price.