Which statement best describes the impact of scarcity? People are able to meet most of their needs. Consumers must pay higher prices for many items. Governments must try to meet the wants of citizens. Economies can work to provide more goods and services.
English · High School · Tue Nov 03 2020
Answered on
As an impact of scarcity, consumers are more like pay higher prices for many items. This is where the concept of supply and demand comes in. When there is a high supply of items, the prices tend to go low, in order for it to be used or buy immediately by consumers, hence when the supply of the item is low, then the prices tend to go up, although, during such case, consumers will still buy the item since there is scarcity in supply.
Final answer:
Consumers must pay higher prices for many items.