Explain why it is highly unlikely that the world's oil reserves will be depleted within the next 40 years
What will be an ideal response?
As resources become more scarce, the price tends to increase. With oil, this price increase will lead to a decrease in consumption as consumers increase conservation, will make costly sources of oil more economical to extract, will encourage exploration of oil, and will encourage the development of oil substitutes. All of these will increase the number of years until the oil reserves will be depleted.
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Referent power is the same as
a. laissez faire leadership b. charismatic leadership c. peer pressure d. expert leadership
Suppose two Bertrand price competitors have different constant marginal costs. In any simultaneous move Nash equilibrium, only the lower cost firm will produce.
Answer the following statement true (T) or false (F)