Which of the following was an outcome of uncoordinated oil drilling in Huntington Beach, California?
a. The entire oil present underground had been extracted within few years.
b. Underground oil pressure had increased due to excessive drilling leading to an oil spill into the adjacent sea.
c. A majority of the oil could not be drilled out as low underground pressure prevented oil from reaching the surface.
d. The oil belt suffered frequent earthquakes as excessive drilling had loosened the soil bonding.
C
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Which of the following differs between a perfectly competitive market and a market with a perfectly price discriminating monopoly?
A) The amount of producer surplus B) The quantity produced C) The total surplus D) None of the above because they are all the same in a perfectly competitive market and in a market with a perfectly price discriminating monopoly.
Which of the following statements would appeal to someone who favors an expanded public sector as the basis of expansionary fiscal policy?
a. "The government isn't the solution; it's the problem." b. "The government that governs least governs best." c. "The American people want national defense; they want laws to be enforced; they want federal support for education and environmental protection, and they want transfer payments for the elderly and unemployed." d. "If you ever got anything good out of the government you can be sure that some rich so-and-so got more."
When you buy a United States Savings Bond, you
a. loan money to the government b. borrow money from a savings and loan association c. donate money for special government projects d. pay for your childs college education
If the industry in the above figure was perfectly competitive, the level of output would
A) be less than the single-price monopoly level of output.
B) be the same as the single-price monopoly level of output.
C) exceed the single-price monopoly level of output by 20 units per day.
D) exceed the single-price monopoly level of output by 60 units per day.