As extraction of a nonrenewable resource increases, the supply curve shifts up because:
a. more substitutes become available.
b. competition among the existing suppliers intensifies.
c. the marginal cost of extracting any given amount increases.
d. the resource finds alternative usage.
e. the resource becomes less productive.
c
Economics
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Refer to Figure 15-9. What is the difference between the monopoly's price and perfectly competitive industry's price?
A) The monopoly's price is higher by $3.50. B) The monopoly's price is higher by $13. C) The monopoly's price is higher by $21. D) The monopoly's price is higher by $9.50.
Economics
In the short-run, society faces a tradeoff between inflation and unemployment
a. True b. False Indicate whether the statement is true or false
Economics