As a resource becomes more scarce, we expect its price to
A)rise.
B)fall.
C)remain constant.
D)fluctuate wildly.

Name: As a resource becomes more scarce, we expect its price to A)rise. B)fall. C)remain constant. D)fluctuate wildly.
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Question

Quizplus · Accepted Answer

According to the law of supply and demand, as a resource becomes more scarce, demand for it will stay the same or increase while the supply decreases. This will lead to competition among buyers, resulting in a price increase for the scarce resource.

As a Resource Becomes More Scarce, We Expect Its Price