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.
Question 2
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.
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