Which of the Following Is True About the Demand and Supply

question 137

Multiple Choice

Which of the following is true about the demand and supply of natural resources?

• A) The quantity demanded of a natural resource will generally be more responsive to a change in price in the long run than in the short run.
• B) The future supply of a natural resource will fall when current prices for that resource rise.
• C) The supply of a natural resource is fixed by nature; it cannot be responsive to a price change in the long run.
• D) None of the above is correct.

Identify the adaptations of fungi to parasitism and symbiosis.

Analyze the impact of fungi on human activities and the environment.

Understand the fundamental gas laws including Boyle's, Charles', and Gay-Lussac's laws, and their applications.

Apply the combined gas law to solve problems involving changes in pressure, volume, and temperature of gases.

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Definitions:

Marginal Revenue

The boosted income realized by vending one extra unit of a good or service.

Natural Monopoly

Firm that can produce the entire output of the market at a cost lower than what it would be if there were several firms.

Competitive Level

The extent of competition within a market, characterized by the number of firms and their ability to set prices.

Monopolist's Profits

The excess earnings a monopolist obtains over what it would earn in a competitive market due to its market power.