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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Definitions:

Peak Sensitivity

The highest level of responsiveness to a stimulus or range of stimuli by sensory systems.

Nanometers

A unit of measurement equal to one billionth of a meter, commonly used to measure wavelengths of light and the scale of atoms and molecules.

Rods

Photoreceptor cells in the retina that are sensitive to low light levels and provide black-and-white vision.

Optic Nerve

The nerve that transmits visual information from the retina to the brain.