ExxonMobil Uses Natural Resources Such as Reserves of Petroleum to Produce

question 17

Multiple Choice

ExxonMobil uses natural resources such as reserves of petroleum to produce its goods and services.What is likely to happen to the value of these resources?

• A)It will remain constant, because natural resources are created by natural forces and don't respond to market forces.
• B)It will fall with increased demand and rise with increased supply.
• C)It will rise with decreased demand but remain steady when supply falls.
• D)It will rise with either an increase in demand or with a decrease in supply.

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Definitions:

Revenue

The income that a business receives from its normal business activities, usually from the sale of goods and services to customers.

Price Elasticity

An indicator of the degree to which demand for a product is affected by variations in its price, reflecting consumer sensitivity to price fluctuations.

Rock Concert

A live music performance featuring rock music by one or more artists or bands.

Tickets

Documents or electronic vouchers that grant the holder the right to enter an event, travel on public transport, or participate in an activity.