In the market for nonrenewable natural resources, the supply curve is negatively sloped, reflecting the fact that there is a limited quantity available.

Question

Quizplus · Accepted Answer

In the market for nonrenewable natural resources, the supply curve is typically considered to be vertical or perfectly inelastic in the short run, reflecting the fact that the quantity available does not change in response to price changes in the short term.

In the Market for Nonrenewable Natural Resources, the Supply Curve