If proved reserves of a mineral amount to twelve years of use at the current rate of consumption,
a. it is likely, though not certain, that we will run out of that mineral in about twelve years.
b. we are likely to run out of the mineral in less than twelve years if our rate of use has been increasing.
c. if the good becomes more scarce relative to supply in the future, its price will rise and thereby encourage both conservation and exploration.
d. if proved reserves diminish, lower prices will extend the day of exhaustion well into the future.
C
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a. True b. False
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