Which of the following would we expect to happen with prices or quantities of na

Question

Which of the following would we expect to happen with prices or quantities of natural resources if they were becoming scarcer? A.  We would expect prices to be rising relative to other prices, but this has not occurred. B.  We would expect known quantities to be falling, but this has not occurred. C.  We would expect prices to be rising relative to other prices, as they have been D.  We would expect known quantities to be increasing, as they have been. Which of the following would we expect to happen with prices or quantities of natural resources if they were becoming scarcer? A.  We would expect prices to be rising relative to other prices, but this has not occurred. B.  We would expect known quantities to be falling, but this has not occurred. C.  We would expect prices to be rising relative to other prices, as they have been D.  We would expect known quantities to be increasing, as they have been.

Explanation / Answer

Ans is C

According to demand and supply, when there is scarcity there leads to increase in prices whereas when there is surplus of anything prices increases.

Thus there is increase in price of natural reaources as they have been.

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