Explain about non-renewable resources, Microeconomics

Assignment Help:

How the above would apply to non-renewable resources such as oil.

This has general applicability to any competitive market. The issue here is that potential supply has a finite limit and that ever-lower reserves of oil mean scarcity higher price → incentive for suppliers to find additional reserves. It also means that the rationing function will kick in; higher price→ consumers will reduce quantity demanded and look for substitutes.

 


Related Discussions:- Explain about non-renewable resources

Educational planning and economic growth, Normal 0 false fals...

Normal 0 false false false EN-IN X-NONE X-NONE MicrosoftInternetExplorer4

Foreign investment, Foreign investment: To attract foreign investment ...

Foreign investment: To attract foreign investment – Developing Plans are used as a means of attracting foreign investment or foreign aid.Foreign government and international o

SOCIAL WELFARE FUNCTIONS, VIVIDLY EXPLAIN WHAT THE RAWLSIAN SOCIAL WELFARE ...

VIVIDLY EXPLAIN WHAT THE RAWLSIAN SOCIAL WELFARE ENTAILS

Pure monopoly, advantage dis advantage of pure monopoly

advantage dis advantage of pure monopoly

Describe the trade triangles, Steel and aluminum production Steel Canada 50...

Steel and aluminum production Steel Canada 500, France 1200 Aluminum Canada 1500, France 800 The maximum amount of steel or aluminum that Canada and France can produce if they full

Assignment, Illustrate and discuss the impliction of various market structu...

Illustrate and discuss the impliction of various market structures(competitive and non-competitive)

Service levels in supply chain management, Service levels in Supply Chain M...

Service levels in Supply Chain Management Consider that a finished product is made up of five inventoried component parts. If the service level were 90 per cent or 0.9 for eac

Explain opportunity costs using a ppf, Explain opportunity costs using a PP...

Explain opportunity costs using a PPF where investment goods are on one axis and consumption goods on the other. Again, a good definition of opportunity costs linked to the not

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd