The Figure Given Below Represents an Imperfectly Competitive Resource Market

question 10

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 both renewable and nonrenewable resources, the timing of the use of resources depends on:

• A)the alternatives uses to which the resource is put.
• B)the market rate of interest.
• C)the availability of substitutes.
• D)the elasticity of demand for resources.
• E)government regulations.

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Definitions:

Cross-Cutting Relations

A geological principle stating that any geologic feature that cuts across another feature must be younger than the feature it cuts.

Inclusions

Pieces of one rock unit that are enclosed within another rock unit, often used in geology to determine the relative age of rock layers.

Original Horizontality

A principle stating that sedimentary rocks are deposited in horizontal or nearly horizontal layers under the action of gravity.

Superposition

A principle that states in an undisturbed sequence of rocks, layers of rock were deposited in order from bottom to top according to their age, with the oldest at the bottom and the youngest at the top.