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Scarcity

You want to t...

Question

You want to travel from Bangalore to Kochi. In this scenario, which of the following are manifestations of scarcity?

A

Train tickets were sold out

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B

Flight tickets were not affordable

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C

You do not prefer to travel by road

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D

None of these

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Solution

The correct options are
A Train tickets were sold out
B Flight tickets were not affordable
Scarcity arises due to limitations in available resources or when the product itself is limited. Here, non-availability of train tickets and non-affordability of flight tickets are examples of scarcity.

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