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Question : Scarcity is _______.
Option 1: Universal
Option 2: Non-universal
Option 3: Both 1 and 2
Option 4: None of the above
Answer (1)
Correct Answer: Universal
Solution : The limitation of the supply in relation to the demand for a good or service is called scarcity. It describes a situation in which there are more wants than resources. Hence, the correct option is 1.
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