If a non-renewable resource is scarce, has constant marginal cost of production, and is sold in a competitive market,
A) its price will increase over time.
B) its price will exceed marginal cost.
C) its price will increase by the rate of interest.
D) All of the above.
D
Economics
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All of the following can cause technological progress EXCEPT
A) population decreases. B) free trade. C) education. D) research and development.
Economics
As a result of "money illusion," people:
A. tend to be more upset by a decrease in their real wage than by a decrease in their nominal wage. B. tend to be more upset by an increase in their nominal wage than by a decrease in their real wage. C. tend to be more upset by a decrease in their nominal wage than by a decrease in their real wage. D. tend to be more pleased with an increase in their real wage than by an incre
Economics