The figure given below represents an imperfectly competitive resource market. Here common land (and not land used for specific purpose) is under consideration.Figure 18.1
-If the owner of a nonrenewable resource expects his profits to be high in future, he will abstain from resource extraction in the present period.
Definitions:
Agriculture
The science or practice of farming, including cultivation of the soil for the growing of crops and the rearing of animals to provide food, wool, and other products.
Beneficial Use
The use of resources in a way that brings positive effects to the environment or society.
Technology
Application of scientific information to solve or address a need of humans.
Species
A group of living organisms consisting of similar individuals capable of exchanging genes or interbreeding.
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