The amount a person earns over and above the amount she/he would be willing to work for is called
A. marginal resource cost.
B. economic rent.
C. marginal revenue product.
D. profit on human capital.
B. economic rent.
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An income tax for which the average tax rate is constant called a
A) regressive income tax. B) proportional income tax. C) marginal income tax. D) progressive income tax.
Refer to above figure. Would you expect to find that the real wages become equalized in both countries? Explain the reason for any differences you note
What will be an ideal response?
A vertical aggregate supply schedule implies that
a. real wages cannot impact output. b. unemployment cannot impact output. c. aggregate demand is horizontal. d. the price level does not impact output.
Which of the following is true with regards to a long-run cost function?
a. The shape of the firm's long-run cost function is important in decisions to expand the scale of operations b. The long-run average cost curve is U-shaped c. The long-run average cost curve is flatter than the short-run average cost curve. d. The curve consists of the lower boundary of all the short-run cost curves e. All of the above