What Indicates Greater Scarcity of a Natural Resource

question 50

Multiple Choice

What indicates greater scarcity of a natural resource?

• A) an increase in its demand
• B) a decrease in its supply
• C) an increase in its price
• D) a decrease in its stock

---

Definitions:

Total Revenues

The total amount of money received by a company from its sales of goods or services before any expenses are subtracted.

Variable Costs

Costs that vary directly with the level of production or sales, like raw materials and labor.

Economic Profit

The financial gain that exceeds both the total opportunity costs of production and the accounting costs, reflecting the additional value created from business activities.