Explain in a paragraph why the quantity demanded for non-renewable resources will be zero when the supply runs out.
What will be an ideal response?
The owner of the resources must decide whether to sell now or wait until later. The expected future price increases as the stock decreases; as the stock approaches zero, so must the quantity demanded, and the price adjusts upward to clear the market.
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What is one reason it might be difficult to dissuade people from pirating music off the Internet?
A) Consumer surplus is very high when music is pirated. B) In general, consumers get a rush from "stealing." C) Consumers mistakenly believe that the Internet is public domain. D) Producer surplus is very low when music is pirated.
Organizations which have branches in various locations can function efficiently as U-form organizations
Indicate whether the statement is true or false