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Who,by virtue of a mathematical model,concluded that Earth could not be older than 100 million years and no younger than 20 million years?
Economic Rent
Extra income generated because of ownership of a scarce resource or possession of a unique skill or capability.
Zero Price Elasticity
A situation where the demand for a good or service remains unchanged regardless of changes in its price.
Equilibrium Economic Rent
The excess returns to a factor of production over its opportunity cost when the market is in equilibrium, ensuring no incentive for resources to move.
Nationalization
The process by which a government takes control of a company or industry, often turning it from private to state ownership.
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