In a Free Market for Depletable Natural Resources, Any Shortage

question 32

Multiple Choice

In a free market for depletable natural resources, any shortage where there is an excess of quantity demanded over quantity supplied must be

• A)expected as a matter of course.
• B)due to a price floor.
• C)the result of discovery of new deposits of the resources.
• D)artificial.

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Definitions:

Gypsum Formation

A geological process leading to the creation of gypsum, a mineral used in building materials and fertilizers, through the evaporation of mineral-rich water.

Calcium Carbonate

A chemical compound (CaCO3) found in rocks as the minerals calcite and aragonite and is the main component of pearls, shells of marine organisms, snails, and eggs.

Seawater

The salty water that fills the oceans and seas, composed of a complex mixture of dissolved minerals and organic compounds.

Chert Formation

The process by which chert, a hard, sedimentary rock composed primarily of silicon dioxide, is formed, typically from the accumulation of silica from biological sources or chemical precipitation.