A Resource Is Considered Renewable If ________

question 33

Multiple Choice

A resource is considered renewable if ________.

• A) it is used at rates greater than it is naturally replaced
• B) nature can replace it within a short time span relative to human life
• C) nature can replace it within hundreds or thousands of years
• D) nature can replace it within a million years

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Definitions:

Market Share

The portion of a market controlled by a particular company or product.

Oligopolistic Models

Economic models that describe markets in which a few firms dominate, often leading to pricing and output decisions that consider the actions of competitors.

Cartel

An agreement among competing firms to control prices or exclude entry of a new competitor in a market, often in order to maximize the members' profits at the expense of consumers.

Herfindahl-Hirschman Index

A measure used to assess the market concentration and competition level within an industry, calculated by squaring the market share of each firm competing in the market and then summing the resulting numbers.