What is the best explanation for the increase in the cost of copper, a nonrenewable resource, shown in the graph?

Question 3 options:

Copper is available in an ever-increasing supply.

Copper is available in a limited supply.

The demand for copper is decreasing rapidly.

The demand for copper stays the same, while supply slightly increases.

The copper is a metal, thus it falls into the category of nonrenewable resources. Being a nonrenewable resources basically means that it is a resources that is limited, as its reserves are not replenished quickly enough so that they can be at a stable level. Because the copper has limited resources, it means that eventually it will run out, so that has economic implications over time.

As the demand for copper has been increasing, the reserves of copper have been reducing. With smaller and smaller amount of copper in nature, its price will steadily increase, as the demand stays the same, while the reserves go down. The trend of increase of the price will constantly continue as the reserves of copper are smaller and smaller.

The copper is mainly used for:

electrical wiring
photovoltaic cells
boat propellers
instruments (such as saxophone)
household items

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