All goods and services are scarce.

a. True

b. False

True. There is a law in economy called Supply and Demand. Economists often use the aggregate supply and demand model to reflect the total amount of goods and services required at all possible price levels during a specific period. It reflects the overall price of foods and services in an economy for a given period and is often illustrated with the supply-demand curve. This shows the relationship between price levels and quantity of output that a particular firm is willing to provide to the general public. This law then states that supplies have the nature to be depleted and can rehash into certain periods of time only.