Which of the following is true about the demand and supply of natural resources?
A) The quantity demanded of a natural resource will generally be more responsive to a change in price in the long run than in the short run.
B) The future supply of a natural resource will fall when current prices for that resource rise.
C) The supply of a natural resource is fixed by nature; it cannot be responsive to a price change in the long run.
D) None of the above is correct.
Correct Answer:
Verified
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