Given Supply and Demand Curves for a Nonrenewable Natural Resource

question 6

Multiple Choice

Given supply and demand curves for a nonrenewable natural resource in a competitive market, other things being equal, a shift of the supply curve to the left will

• A) reduce the price of the natural resource.
• B) reduce equilibrium quantity more if demand is inelastic than if demand is elastic.
• C) reduce equilibrium quantity more if demand is elastic than if demand is inelastic.
• D) increase both the price and quantity supplied of the resource.
• E) increase the number of producers willing and able to supply the resource.

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