The Law of Scarcity:

CA Foundation · Business Economics · MTP · May 2026
The Law of Scarcity:
(A) A. Does not apply to rich, developed countries
(B) B. Does not apply to poor, underdeveloped countries
(C) C. Implies only to socialist economies.
(D) D. Implies that all consumer wants will never be completely satisfied.

Suggested Answer and Working Notes:

Correct Answer: Option (D)

D. Implies that all consumer wants will never be completely satisfied.

Topics: Nature & Scope of Business Economics

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