If a nonrenewable resource such as oil suddenly becomes scarce while demand remains constant,the________ .
A)price of the resource would increase
B)price of the resource would remain unchanged
C)demand would cause the supply to increase
D)price of the resource would decrease

Question

Quizplus · Accepted Answer

If the supply of a nonrenewable resource such as oil suddenly becomes scarce while demand remains constant, the price of the resource would increase due to the principles of supply and demand. As the supply of oil decreases, the demand for it remains constant or even increases, causing the price to go up.

If a Nonrenewable Resource Such as Oil Suddenly Becomes Scarce