Suppose That New Demands Greatly Reduce the Proved Reserves of Titanium

question 628

Multiple Choice

Suppose that new demands greatly reduce the proved reserves of titanium to unexpectedly low levels, and it appears that the new demands will continue. If the market price is unregulated, we should expect that the price will rise and

• A) increase exploration and encourage more effective recovery methods, resulting in additional new supplies of titanium.
• B) encourage consumers and manufacturers to conserve titanium.
• C) increase the incentive to find and use substitutes for titanium.
• D) All of the above.

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