The Figure Given Below Represents an Imperfectly Competitive Resource Market

question 3

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 suppliers and potential suppliers of exhaustible resources continually calculate whether to extract now or in future, and how much to extract, an equilibrium arises when:

• A)the cost of extracting such resources is equal to its price.
• B)the rate of return for such resources equals the rate of interest on alternative uses of the funds.
• C)the cost of extracting such resources is equal to the price of the commodity using these resources.
• D)the price of such resources is equal to the rate of interest of bank accounts and other interest-bearing investments.
• E)the rate of return on alternative investments is equal to the cost of extracting such resources.

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