Owners of land are compensated according to the
a. absolute level of production from the land.
b. number of laborers the land can support.
c. purchase price of the land stock.
d. value of the marginal product of land.
d
You might also like to view...
The key idea behind price discrimination is to convert consumer surplus into
A) a barrier to entry. B) economic profit. C) deadweight loss. D) monopoly power. E) total cost.
If the price elasticity of supply of corn is 3.12, then is the supply of corn elastic or inelastic?
What will be an ideal response?
A plot of the interest rates on default-free government bonds with different terms to maturity is called
A) a risk-structure curve. B) a default-free curve. C) a yield curve. D) an interest-rate curve.
For an open economy, national savings can be:
A. more than investment. B. less than investment. C. the same as investment. D. All of these are true.