Use the Accompanying Figure to Answer the Following Question

question 10

Multiple Choice

Use the accompanying figure to answer the following question
-If a nonrenewable resource such as oil suddenly became scarce while demand remained constant, the price of the resource would ____________.

• A)increase
• B)decrease
• C)remain unchanged
• D)move down the demand line
• E)move down the supply line

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Definitions:

Product Development

The process of bringing a new product or service to the market, from initial concept through design, prototype, testing, and finally, launch.

Market Penetration

A strategy aiming to increase market share within an existing market segment by using methods such as pricing adjustments, increased promotion, and product improvements.

Market Development

A growth strategy that involves the introduction of existing products into new markets to increase sales and market share.

Diversification

A strategy that involves entering into new markets or investing in different types of assets to reduce risk and increase potential returns.