Figure 2.3.2
-Figure 2.3.2 above is a reproduction of Figure 2.9 in the textbook, which describes the market for mineral resources across time. The downward-sloping line that crosses the equilibrium points is called:
A) the market decline curve.
B) the market rise path.
C) the long-run path of price and consumption.
D) the industry supply curve.

Question

Figure 2.3.2
-Figure 2.3.2 above is a reproduction of Figure 2.9 in the textbook, which describes the market for mineral resources across time. The downward-sloping line that crosses the equilibrium points is called:
A) the market decline curve. 
B) the market rise path. 
C) the long-run path of price and consumption. 
D) the industry supply curve.

Quizplus · Accepted Answer

The downward-sloping line in Figure 2.9 represents the long-run path of price and consumption. It captures the gradual decline in mineral resource prices over time as consumption increases and production becomes more costly. None of the other answer choices accurately describe the line or the concept it represents.

Figure 2.3.2 -Figure 2.3.2 Above Is a Reproduction of Figure 2.9 in 2.9