Problem
1. (Market Supply for Resources) Explain why the market supply curve of a resource slopes upward.
2. (Resource Price Differences) Distinguish between how the market reacts to a temporary difference in prices for the same resource and how the market reacts to a permanent difference. Why do the reactions differ?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.