The Figure Given Below Represents an Imperfectly Competitive Resource Market

question 29

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

-In the market for crude oil, everything held constant, if rate of interest of simple bank accounts or interest-bearing investments decline, then:

• A)the consumption of crude oil declines in the present period.
• B)the extraction of crude oil will increase today.
• C)the price of the crude oil in the international market falls in the present period.
• D)greater research and developments are conducted to locate new sites of crude oil in the present period.
• E)the extraction of crude oil will fall in the present period.

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