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VI. Suppose extraction of a nonrenewable natural resource causes a negative externality. The damage from the externality, D, and the cost of extraction, C, are constant over time. A. Explain why the rate of extraction of the resource would be inefficient If the resource industry is perfectly competitive. B. "If the industry was a monopoly with a constant elasticity of demand, the rate of extraction might be more efficient than in part A." Discuss