If the world were about to run out of a highly valued resource, what would happen to its price? How would this affect the future supply of the resource relative to the quantity demanded?

The availability of resources is one of the factors that affect supply. If a resource becomes less available for producers, this will cause a decrease in supply. At the same time, this factor will have no impact on the demand for products. Hence, the future supply would be smaller than the quantity demanded. The market will seek a new equilibrium, and it will be found moving along the demand curve until the point at which the new supply curve intersects with it. Moving to this point, the quantity decreases but the price rises. Therefore, if the world were about to run out of a highly valued resource, its price would increase.