Resources Like Coal and Oil That Cannot Be Replaced Except

question 95

Multiple Choice

Resources like coal and oil that cannot be replaced except through very slow geological processes are called:

• A) nonrenewable resources.
• B) social problems.
• C) renewable resources.
• D) environmentally friendly.
• E) semi-renewable resources.

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Definitions:

Rational Consumer

The theoretical concept of a consumer who always makes decisions that provide the greatest benefit or utility according to their preferences.

Equilibrium

A state of balance in a system where competing forces or influences are equal; in economics, it's where supply equals demand.

Marginal Utility

The change in satisfaction or utility that an individual gains from consuming an additional unit of a good or service.

Consumer Equilibrium

A state where an individual allocates their income in a way that maximizes their utility, given their budget constraints.