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

• A. unlimited
• B. free
• C. abundant
• D. scarce

Answer: (D)

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. Recognize that when a resource is scarce, people are willing to pay for it because it is not freely or abundantly available to everyone.
3. Contrast scarcity with the other options: if a resource were unlimited, free, or abundant, there would be no need for people to pay for it since it would be easily accessible to all.
4. Recall that the fundamental economic problem arises from scarcity, which forces individuals and societies to make choices about how to allocate limited resources.
5. Conclude that the reason people are willing to pay for a resource is precisely because it is scarce, making scarcity the correct answer.