The Figure Given Below Represents an Imperfectly Competitive Resource Market

question 48

True/False

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.

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Definitions:

Benzodiazepine

is a class of drugs primarily used for treating anxiety, but also used in treating seizures and insomnia, by enhancing the activity of certain neurotransmitters in the brain.

LSD

Lysergic acid diethylamide, a powerful hallucinogenic drug that alters perception, feelings, and thoughts.

Barbiturate

A class of drugs that act as central nervous system depressants, commonly used for anesthesia, sedation, and the treatment of various sleep disorders.

Drowsy

A state of feeling sleepy or lethargic, often leading to a decreased level of consciousness or alertness.