The figure given below represents an imperfectly competitive resource market. Here common land (and not land used for specific purpose) is under consideration.Figure 18.1

-For any particular period of time, say a year, the supply of exhaustible resources:

Question

The figure given below represents an imperfectly competitive resource market. Here common land (and not land used for specific purpose) is under consideration.Figure 18.1
 
-For any particular period of time, say a year, the supply of exhaustible resources:

Quizplus · Accepted Answer

The supply of exhaustible resources increases to a certain extent with an increase in price because higher prices can make previously uneconomical deposits economically viable to extract, but there is a limit to this effect due to the finite nature of these resources.

The Figure Given Below Represents an Imperfectly Competitive Resource Market