If a resource is in fact becoming scarcer, then one should expect
A)the price of the resource to rise.
B)less demand for the resource as people try to conserve.
C)greater supply as people reduce inventories before it is all gone.
D)the quantity supplied to increase.

Question

Quizplus · Accepted Answer

When a resource becomes scarcer, the demand for it remains the same or may even increase due to its perceived value. However, the supply of the resource will decrease, resulting in a shortage that drives up the price. This is known as the law of supply and demand, and it explains why the price of a scarce resource tends to rise over time.

If a Resource Is in Fact Becoming Scarcer, Then One