Indicate whether the following statements are true (T) or false (F). : If any of the assumptions of scarcity, constant marginal mining costs, and competition are not met, the price of an exhaustible resource will rise. Most exhaustible resources, such as aluminum, coal, lead, natural gas, silver, and zinc, have had decades long periods of falling or constant real prices. The initial price of a resource is set at the marginal cost of extraction if the exhaustible resource is not scarce. I O O O

Indicate whether the following statements are true (T) or false (F). : If any of the assumptions of scarcity, constant marginal mining costs, and competition are not met, the price of an exhaustible resource will rise. Most exhaustible resources, such as aluminum, coal, lead, natural gas, silver, and zinc, have had decades long periods of falling or constant real prices. The initial price of a resource is set at the marginal cost of extraction if the exhaustible resource is not scarce. I O O O

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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