If Not Used, the World's Proven Oil Reserves Will Be

question 91

True/False

If not used, the world's proven oil reserves will be the same in 50 years.

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Definitions:

Excess Demand

Excess demand occurs when the quantity demanded of a product or service exceeds the quantity supplied at the current price, leading to shortages.

Excess Supply

A market situation where the quantity of a good or service offered is greater than the quantity demanded by consumers.

Supply

The total amount of a product or service available for purchase at any given time in the market.

Hurricane

A tropical cyclone with winds exceeding 74 mph, typically characterized by rain, thunderstorms, and strong winds.