Topics about scarcity-production and demand versus supply

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Topics about scarcity, production and demand versus supply. What are acceptable levels of production in using raw materials such as natural resources? At what level does supply meet demand? How does an economic set the equilibrium price? At what point does the rise in prices out weight the cost of using a resource? How does the law of supply and law of demand work in regards to a resource such as oil?

Reference no: EM13833381

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