16) The price at which the quantity demanded is zero is called the... a) Choke p
ID: 1107956 • Letter: 1
Question
16) The price at which the quantity demanded is zero is called the... a) Choke price b) Reserve price c) Exponential price d) Extraction price e) User price 17) As the availability of a non-renewable resource decreases, we would expect a) Rising prices and increased production b) Rising prices and decreased production c) Rising prices and stable production d) Falling prices and increased production e) Falling prices and decreased production reasing non-renewable resource consumption has been characterized by all of the following except.. a) Discovery of new deposits b) Falling prices c) Improvements in extraction technology d) Rising prices c) Reduction in producer costs 18) Incr 19) In the early stages of resource extraction, we would expect .. a) Rising prices and increased production b) Rising prices and decreased production c) Rising prices and stable production d) Falling prices and increased production c) Falling prices and decreased production 20) Which one of the following statements is true? a) A static reserve index will indicate a longer resource lifetime than an exponential rese index b) A reserve base index indicates a longer resource lifetime than a reserve index c) Most non-renewable resource prices have increased over the past 40 years d) Eventually all physical reserves of non-renewable resources will be depleted e) The price path for a non-renewable resource typically looks like an inverted U sha QUESTIONS FROM CHAPTER 12 2 hout whtperemt c from fosil fici? a) 95% b) 80% 65% d) 50% e) 40%Explanation / Answer
(16)
The choke price can be defined as a price at which the quantity demanded is zero.
Hence option a is the correct answer.
(17)
When the availability of a non-renewable resource decreases, we would expect rising prices and decreased production. This is because non-renewable resource quantity is limited and it cannot be made by humans, so when there is a decrease in the resources, it means a shortage of demand compared to supply. As a result prices increases and production declines.
Hence option b is the correct answer.
(18)
Increasing non-renewable resource consumption has been characterized by all of the following except falling prices.
this is because non-renewable resource quantity is limited and it cannot be made by humans, so with the increase in consumption of these resources creates excess demand and it leads to increase in prices.
hence option b is the correct answer.
(19)
In the early stages of resource extraction, we would expect falling prices and increased production.
This is because in the early stages of extraction there will be more supply compared to demand, so there will be an excess supply of resources. As a result prices decreases and production increases.
Hence option d is the correct answer.
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