Microeconomics (13th Edition)
Microeconomics (13th Edition)
13th Edition
ISBN: 9780134744476
Author: Michael Parkin
Publisher: PEARSON
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Chapter 18, Problem 25APA

(a)

To determine

Increase in demand for land.

(b)

To determine

The assumption about future price of oil.

(c)

To determine

Fall in the price of oil.

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Discuss the different types of resources (natural, human, capital) and how they are allocated in an economy. Identify which resources are scarce and which are abundant, and explain the implications of this scarcity or abundance.
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