As the availability of a non-renewable resource decreases, we would expect
a. Rising prices and increased production
b. Rising prices and decreased production
c. Rising prices and stable production
d. Falling prices and increased production
e. Falling prices and decreased production
Ans: b. Rising prices and decreased production
You might also like to view...
Edward lives in England, and he makes a donation of $100,000 dollars to Food for the Poor, a charitable organization in the United States. Edward's donation will be counted as a(n) ________ in England's current account
A) export B) factor payment C) transfer payment D) import
If aluminum producers expect aluminum prices to fall in the future, this belief shifts the current ________ curve for aluminum to the ________
A) supply; left B) demand; left C) demand; right D) supply; right E) None of the above is correct.