A Resource Is Considered Renewable If ________

question 13

Multiple Choice

A resource is considered renewable if ________.

• A) it is used at rates greater than it is naturally replaced
• B) nature can replace it within a short time span relative to human consumption
• C) nature can replace it within hundreds or thousands of years
• D) nature can replace it within a million years

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Definitions:

Marginal Revenue

The increase in revenue resulting from the sale of one additional unit of a product or service.

Sales Price

The amount of money a buyer pays to purchase a product or service.

Monopolist

A market participant that is the sole provider of a product or service, possessing significant market power to set prices.

Economic Profits

The gap between the total income a business generates and all of its expenditures, taking into account both direct and hidden costs.