We can expect producers to pay:
A. None of these statements is true.
B. more for land with lower productivity.
C. less for land with higher productivity.
D. less for land with lower productivity.
D. less for land with lower productivity.
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Classical economists believed that
A) real GDP per person would rise above its subsistence level in the long run. B) real GDP per person would never rise above its subsistence level in the long run. C) the demand for labor increases when the population increases. D) population growth decreases as real GDP per person rises.
What is the barrier to entry in a monopoly?
a. There is no barrier; anyone can enter the market. b. It a minor barrier; some can enter the market. c. It varies from industry to industry. d. It is a complete barrier; no entry is allowed.
Suppose that the percentage change in demand is 10%, the price elasticity of supply is 2, and the percentage change in the equilibrium price is 3.33%. What is the price elasticity of demand?
A. 0 B. 1 C. 2 D. 3
The longer any price change persists, the
A. more likely price will return to its original level. B. greater is the price elasticity of demand. C. more difficult it is to alter quantity demanded. D. lower is the price elasticity of demand.