Answered

A higher demand for a good or service than what is currently available in the market is the definition of
A surplus
B. scarcity
C shortage
D. supply
Please select the best answer from the choices provided
ABCO
OA
0000



Answer :

GinnyAnswer

Final answer:

Scarcity and surplus impact prices and availability of goods and services.


Explanation:

Scarcity refers to a situation where the demand for a good or service exceeds the available supply. This results in shortage, causing upward pressure on prices. On the other hand, a surplus occurs when the quantity supplied exceeds the quantity demanded, leading to downward pressure on prices.


Learn more about Supply and Demand here:

https://brainly.com/question/32830463


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