The opportunity cost of housing =
What will be an ideal response?
Rent + opportunity cost of Search Activity
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The change in total revenues resulting from a change in output of one unit is
A) average revenue. B) marginal revenue. C) quantity revenue. D) price revenue.
The fact that landlords are able to pass the majority, but not all, of the burden of property taxes on to renters suggests that the price elasticity of demand for apartments is
A. Perfectly inelastic. B. Elastic. C. Inelastic. D. Perfectly elastic.
In order to be successful in a market economy, entrepreneurs must
a. combine resources in a manner that increases their value. b. produce a good that consumers value less than the resources used to produce it. c. use only personal financial capital so they can avoid interest payments on borrowed funds. d. produce anything that consumers value, regardless of cost.
Refer to the diagrams, which pertain to a purely competitive firm producing output q and the industry in which it operates. Which of the following is correct?
A. The diagrams portray neither long-run nor short-run equilibrium.
B. The diagrams portray both long-run and short-run equilibrium.
C. The diagrams portray short-run equilibrium but not long-run equilibrium.
D. The diagrams portray long-run equilibrium but not short-run equilibrium.