Economic rent applies to
A. land only and nothing else.
B. any resource in fixed supply.
C. real property only.
D. all resources.
Answer: B
You might also like to view...
If a price ceiling is a binding constraint on a market, then a. the equilibrium price must be below the price ceiling
b. the quantity supplied must exceed the quantity demanded. c. sellers cannot sell all they want to sell at the price ceiling. d. buyers cannot buy all they want to buy at the price ceiling.
Suppose that the exchange rate between the U.S. dollar and the Mexican peso is 1 peso = $0.11. If the U.S. dollar price per Mexican peso changes to 1 peso =$0.10, the peso is said to have __________ and the dollar to have __________
A) depreciated; appreciated B) appreciated; appreciated C) appreciated; depreciated D) depreciated; depreciated
Contractionary monetary policy is most likely to:
A. decreases interest rates, raises investment, and increases income. B. increases interest rates, reduces investment, and decreases income. C. increases interest rates, raises investment, and increases income. D. decreases interest rates, reduces investment, and decreases income.
There are hundreds of local water companies, but economists insist that in each community they are ________ because consumers have no other choices in the local market in which they live.
A. oligopoly B. monopoly C. monopolistic competition D. perfect competition