An exhaustible resource with a very large known reserve will most likely exhibit
A) a highly variable price in the near future.
B) a decreasing price in the near future.
C) an increasing price in the near future.
D) a constant price in the near future.
D
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The absence of barriers to entry in monopolistic competition means that in the long run, firms
A) earn an economic profit. B) earn zero economic profit. C) incur an economic loss. D) earn either an economic profit or zero economic profit. E) earn either zero economic profit or suffer an economic profit.
Under Special 301, what is the U.S. government required to do?
What will be an ideal response?
It can be argued that Thomas Malthus' An Essay on the Principle of Population statement that population growth will always outstrip food production has been discredited due to
A. an increase in the world-wide farming population. B. less world-wide food consumption. C. a reduction in resource scarcity. D. improvement in technology of food production.
If there is a decrease in disposable income in an economy, then:
A. Both the APC and the APS rise B. The APC rises and the APS falls C. The APC falls and the APS rises D. Both the APC and the APS fall