The classic resource study of Barnett and Morse found that
A) resource costs have been rising at such a rate that, within fifty years, the prices of most natural resources will be exorbitant.
B) the current proved reserves of most minerals are becoming perilously low.
C) resource prices declined between 1870 and 1920, but since 1920 the relative price of natural resources has been increasing at an annual rate of approximately 3.5 percent.
D) technology and developing substitutes outran our use of scarce natural resources during the last century, so that relative resource prices have declined.

Question

Quizplus · Accepted Answer

Barnett and Morse found that technological advancements and the development of substitutes have outpaced the consumption of scarce natural resources, leading to a decline in relative resource prices over the last century.

The Classic Resource Study of Barnett and Morse Found That