SCIENCE
ENVIRONMENTAL SCIENCES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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the availability of abundant resources.
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the relationship between the availability and the worth of resources.
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the worth of nonrenewable resources.
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reduced demand resulting from a lack of available resources.
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Detailed explanation-1: -Supply is generally considered to slope upward: as the price rises, suppliers are willing to produce more. Demand is generally considered to slope downward: at higher prices, consumers buy less.
Detailed explanation-2: -The law of supply and demand is a fundamental principle of the free market economy. In this type of economy, consumers purchase goods and services at a price that is acceptable to both the buyer and seller without interference from the government.
Detailed explanation-3: -What Is the Law of Supply? The law of supply is the microeconomic law that states that, all other factors being equal, as the price of a good or service increases, the quantity of goods or services that suppliers offer will increase, and vice versa.
Detailed explanation-4: -Price is dependent on the interaction between demand and supply components of a market. Demand and supply represent the willingness of consumers and producers to engage in buying and selling. An exchange of a product takes place when buyers and sellers can agree upon a price.