The law of scarcity
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does not apply to developed countries
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applies only to the less developed countries
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implies that consumers wants will be satisfied in a socialistic system
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implies that consumers wants will never be completely satisfied
Reveal answer
Fill a bubble to check yourself
D
Correct answer
Explanation
Scarcity is the fundamental economic problem - limited resources cannot satisfy unlimited human wants. This applies universally regardless of economic system or development level. Option D correctly states that consumer wants can never be fully satisfied due to resource constraints. Options A and B are wrong because scarcity applies to ALL countries, developed or not. Option C is wrong because socialism doesn't eliminate scarcity - it's a different allocation system, still resource-constrained.