If an Exhaustible Resource Is Scarce,has Constant Marginal Cost Over

question 119

Multiple Choice

If an exhaustible resource is scarce,has constant marginal cost over time,and is sold in a competitive market,then

• A) its price increases over time.
• B) its price will not be a function of the interest rate.
• C) its price moves independently of past prices.
• D) its price equals marginal cost.

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