When the supplies of a product decrease, the price of the product tends to increase. How might continuing increases in the price of fossil fuels affect research on the development of renewable resources, such as wind power and solar energy?

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Biology

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11 July, 22:19

When the supplies of a product decrease, the price of the product tends to increase. How might continuing increases in the price of fossil fuels affect research on the development of renewable resources, such as wind power and solar energy?

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Amara Odonnell · Answer 1

See the answer below.

Explanation:

When the supply for a product decreases, the price of that product increases. In the same vein, when the demand for a product increases, the price also increases.

A continuous increase in price of a product will make consumers to start exploring for substitute products. That is, products that serve similar functions as the original product but with lesser price.

Hence, continuing increases in the price of fossil fuels will lead to an increase in research on the development of alternate energy sources such as wind power and solar energy.

The research will reveal whether these alternate energy source are cheaper than fossil fuels or otherwise.