The Figure Given Below Represents an Imperfectly Competitive Resource Market

question 27

Multiple Choice

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

-As extraction of a nonrenewable resource increases, the supply curve shifts up because:

• A)more substitutes become available.
• B)competition among the existing suppliers intensifies.
• C)the marginal cost of extracting any given amount increases.
• D)the resource finds alternative usage.
• E)the resource becomes less productive.

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