Author Question: If there are approximately 6,000 barrels of known reserves of oil, an estimated 10,000 barrels of ... (Read 173 times)

Ebrown · **on:** Jun 29, 2018

If there are approximately 6,000 barrels of known reserves of oil, an estimated 10,000 barrels of unknown reserves of oil,

and it is estimated that the supply of oil will be depleted in 40 years, what is the annual consumption of barrels of oil, all else equal?
A) 150
B) 250
C) 400
D) 1,600

Question 2

The law of supply reflects the negative relationship between the price of a good or service and the quantity of that good or service that sellers are willing to offer for sale.

Indicate whether the statement is true or false