Which of the following are examples of nonrenewable resources?
a. forests and aquifers
b. fisheries
c. oil and minerals
d. toxic chemicals
c. oil and minerals
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Refer to Figure 3-8. The graph in this figure illustrates an initial competitive equilibrium in the market for motorcycles at the intersection of D2 and S1 (point C)
If the price of motorcycle side cars (a complement to motorcycles) decreases, and the wages of motorcycle workers increase, how will the equilibrium point change? A) The equilibrium point will move from C to A. B) The equilibrium point will move from C to B. C) The equilibrium will first move from C to A, then return to C. D) The equilibrium point will move from C to E.
On a part of the demand curve where the price elasticity of demand is less than 1, a decrease in price:
a. is impossible. b. will increase total revenue. c. will decrease total revenue. d. raises the price elasticity of demand. e. decreases quantity demanded.