What is true about scarcity, in the context of Economics?

It is relative and depends on the needs and wants of individuals

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It is experienced only by the poor

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It arises due to limited resources

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It arises due to limited availability of a product

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Solution

The correct options are
A It is relative and depends on the needs and wants of individuals
C It arises due to limited resources
D It arises due to limited availability of a product
Scarcity occurs when a person cannot satisfy his wants, either due to limited resources or due to non-availability of products.

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