Economic rent is a term economists use to refer to the price paid for land ______.
a. planned for commercial development
b. or any other factor with a fixed supply
c. in agricultural and recreational regions
d. or any other factor with a fixed demand
b. or any other factor with a fixed supply
You might also like to view...
What is one of the major welfare challenges today and how is it being tackled in the United States?
What will be an ideal response?
Refer to the information below. If the firms' managers form a price -fixing cartel that maximizes the firms' total profit, what is price charged in the market?
A small nation has three gasoline suppliers with a linear monthly market demand equal to: Q = 500,000 - 5P. Each firm's marginal cost (MC) and average total cost (ATC) curves are horizontal at $10,000 per month. A) $100,000 B) $10,000 C) $55,000 D) $5,500
A decrease in the price of a good enhances the consumer's purchasing power. The income effect applies to both normal and inferior goods by encouraging the consumer to purchase more
a. True b. False
An increase in income taxes was part of President George W. Bush's plan in 2001 and 2008 to increase aggregate demand
a. True b. False Indicate whether the statement is true or false