What Happens to a Resource as It Becomes Scarcer

question 68

Multiple Choice

What happens to a resource as it becomes scarcer?

• A) The price rises and this increases the future supply relative to demand.
• B) The price rises and this increases the future demand relative to supply.
• C) The price falls and this increases the future supply relative to demand.
• D) The price falls and this increases the future demand relative to supply.

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Definitions:

Judgment Sampling

A non-probability sampling method where the researcher selects units to be sampled based on their knowledge and professional judgment.

Subjective Method

A method based on personal judgment and opinion rather than on external data or objective measurement.

Sampling

This involves selecting a subset of individuals from a population to estimate characteristics of the whole population.

Sampling Distribution

The probability distribution of a given statistic based on a random sample, used to make inferences about a population.