Scarcity:

a. allows businesses to take advantage of economies of scale.
b. means that human wants for goods, services and resources exceed what is available.
c. means that as the level of production increases, the average cost of producing each individual unit declines.
d. only refers to resources, such as labor, tools, land, and raw materials.


b. means that human wants for goods, services and resources exceed what is available.

Scarcity means that human wants for goods, services and resources exceed what is available. Source: SME

Economics

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Economics