Author Question: If the rate of extraction of a renewable resource is greater than its rate of replenishment, the ... (Read 124 times)

scienceeasy · **on:** Jun 30, 2018

If the rate of extraction of a renewable resource is greater than its rate of replenishment, the price of the resource is likely to fall in future.
a. True
b. False
Indicate whether the statement is true or false

Question 2

If a firm experiences economies of scale,
a. it moves up along the long run average total cost curve.
b. expansion of output becomes more expensive for the firm.
c. the firm can reduce its per unit cost by producing less.
d. the firm must shut down in the long run.
e. the firm can reduce its per unit cost by expanding production.