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.

The gap between the price and the marginal extraction cost grows inversely with the interest rate.

If the resource is so abundant that the initial gap between the price and the marginal extraction cost is zero, the gap grows.

The real prices for many exhaustible resources have risen for decades.

Over long periods of time, steady technical progress has reduced the marginal cost of mining many natural resources and has thereby lowered the price of those exhaustible resources.

Changes in market structure can result in either a rise or a fall in the price of an exhaustible resource.