In General, the Supply Curve for a Natural Resource

question 14

Multiple Choice

In general, the supply curve for a natural resource

• A)is vertical.
• B)is horizontal.
• C)slopes downward to reflect decreasing available quantities over time.
• D)slopes upward.

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Definitions:

Consideration

The bargained-for exchange; what each party gets in exchange for his or her promise under a contract.

Authority

The power or right to make decisions, give orders, and enforce obedience.

Principal

The main party to a transaction, such as the owner of a business, or the amount of money loaned or invested, excluding interest or profits.

Power of Attorney

A legal document authorizing one person to act on another's behalf in legal or financial matters.