The law of the supply depends on the demand and need of the resource in the market for various uses. Oil (non-renewable) is dictated by the law of supply and demand. Thus, option 1 is correct.
Non-renewable resources are limited resources that are not easily replenishable as it takes a very long time for them to be produced. Oil is a fossil fuel and a non-renewable resource that has limited supply and follows the demand.
Renewable resources like wind, water, soil, etc., are infinite in number and hence they are not balanced by demand and supply. On the other hand, air pollution has no demand and biodegradable resources do not dictate the demand-supply law.
Therefore, option 1. oil being a non-renewable resource is dictated by the law of supply and demand.
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