Rents represent earnings that
a. exceed marginal cost
b. are less than marginal revenue product
c. are less than what producers would require to supply products
d. exceed opportunity revenue
e. exceed opportunity cost
E
You might also like to view...
If producers have imperfect information about the general price level and sometimes misinterpret changes in the general price level as changes in relative prices, then
A) the short-run aggregate supply curve is vertical. B) the short-run aggregate supply curve slopes upward. C) the aggregate demand curve is vertical. D) the aggregate demand curve is horizontal.
Elimination of minimum brokerage commission rates occurred because of
A) competition from banks. B) demands of institution investors. C) competition from foreign brokerage firms. D) an action of the Securities and Exchange Commission.
The powers of the Federal Reserve System do not include: a. the ability to buy and sell U.S. government securities
b. the ability to extend loans to commercial banks. c. the ability to provide deposit insurance for customers of member banks. d. the ability to impose reserve requirements on both member and nonmember commercial banks. e. the authority to clear checks.
If the economy is in a recession, and the government raises taxes in an effort to balance the budget, the Keynesian model indicates the likely effect will be to
a. counteract the recession. b. prolong the recession and increase its severity. c. end the recession sooner. d. increase the level of real GDP.