As a Competitive Economy Uses Its Stocks of a Depletable

question 75

Multiple Choice

As a competitive economy uses its stocks of a depletable resource,

• A)the resource price will fall by ever greater amounts each year.
• B)the resource price will rise by ever greater amounts each year.
• C)the use of the resource will increase at an increasing rate.
• D)resource use will drop to zero.

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Definitions:

Leasehold Interest

Leasehold interest is the right to use and occupy real estate for a stated term under a lease.

Common Law

A body of unwritten laws based on legal precedents established by the courts.

Statute

A law enacted by a legislative body in a governmental context.

Sublet

The lease of leased premises by a tenant-in-chief to another tenant for a shorter term than the original tenancy.