The supply curve of a depletable natural resource is usually
a. downward sloping because the resource runs out over time.
b. upward sloping because more of the resource can be profitably extracted at higher prices.
c. upward sloping because the price of the resource rises over time.
d. vertical because the supply of the resource is fixed.
b
Economics
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A negative externality
A) occurs under any undesirable event. B) occurs when an action doesn't take into account the costs it imposes on others. C) can be a natural phenomenon, such as being struck dead by a bolt of lightening. D) cannot occur at the same time as a positive externality.
Economics
On a linear demand curve, the lower the price,
A) the less elastic is demand. B) the more elastic is demand. C) the elasticity equals -1. D) the elasticity equals zero.
Economics