A resource has value, and people are willing to pay for it most likely because the resource is:

• A. scarce relative to demand
• B. free of opportunity cost
• C. unlimited in supply
• D. abundant and easily accessible

Answer: (A)

Verified step by step guidance

1. Understand the concept of scarcity in microeconomics: a resource is considered scarce if it is limited in supply relative to the demand for it.
2. Recall that scarcity implies that people must make choices about how to allocate the resource, which creates opportunity costs.
3. Recognize that if a resource were unlimited or abundant and easily accessible, it would not have value because there would be no competition or trade-offs involved.
4. Identify that a resource free of opportunity cost means using it does not require giving up something else, which is rarely the case for valuable resources.
5. Conclude that the reason people are willing to pay for a resource is because it is scarce relative to demand, making it valuable and subject to economic trade-offs.