Use the accompanying figure to answer the following question
-If a nonrenewable resource such as oil suddenly became scarce while demand remained constant, the price of the resource would ____________.

Question

Quizplus · Accepted Answer

When a nonrenewable resource such as oil becomes scarce, the supply of the resource decreases while demand remains constant. This results in an increase in the price of the resource as consumers are willing to pay more to obtain the limited supply. Therefore, the correct answer is A)increase.

Use the Accompanying Figure to Answer the Following Question