Which of the Following Terms Refers to Whether We Can

question 24

Multiple Choice

Which of the following terms refers to whether we can continue to maintain or improve our standard of living without running out of natural resources?

• A)renewability
• B)sustainability
• C)nonrenewability
• D)anthropocene

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Definitions:

Competitive Market

A competitive market is one where there are many buyers and sellers, so no single participant has significant power to dictate the price of goods or services.

Long Run

A period of time in which all factors of production and costs are variable, allowing for full adjustment to changes.

Profit-Maximizing Firms

Businesses that operate with the primary goal of maximizing their profit, which is achieved by increasing income while minimizing costs.

Economic Factors

The various external factors, such as inflation, interest rates, and unemployment, that influence the performance of the economy.