If the quantity desired of something exceeds the amount available at zero price, that item is called
A) a service.
B) an economic good.
C) an intangible good.
D) a bad.

Question

Quizplus · Accepted Answer

An economic good is a product or service that is scarce but in demand. If the quantity desired of an economic good exceeds the amount available at zero price, it indicates that people are willing to pay for it, proving its scarcity and demand. Services and intangible goods may also be in demand, but they do not necessarily have a limited supply, and a bad is a good that no one wants, so this option does not fit the scenario described in the question.

If the Quantity Desired of Something Exceeds the Amount Available