Crude oil, which is found only in certain regions of the world, is used for using the gasoline Americans use
every day. Oil can also be refined into diesel and jet fuel. Additionally, it is used to make plastic and man-
made fibers such as nylon. Which of the following characteristics of scarcity does oil exemplify?
i. limited in quantity
ii. desirable
iii. has more than one use
A. i only
B. ii only
C. ii and iii only
D. i, ii, and iii