The markets for renewable and nonrenewable resources operate to ensure that:
a. the producers using these resources earn above-normal profits even in the long run.
b. the current and future prices of such resources remain high.
c. the cost of extraction of such resources increases with an increase in price.
d. the current price of such resources should remain low but the future prices should increase to increase profitability of the producers.
e. the current and future wants for these resources are satisfied in the least costly manner.
e
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Refer to Figure 24-2. Ceteris paribus, an increase in the capital stock would be represented by a movement from
A) SRAS1 to SRAS2. B) SRAS2 to SRAS1. C) point A to point B. D) point B to point A.
Refer to Scenario 5.2. Randy's expected expense for his car is
A) $20,000. B) $19,000. C) $18,000. D) $17,500. E) $15,000.