The distinction between purchase price and rental price applies to which factor(s) of production?
a. land only
b. capital only
c. land and capital only
d. land, capital, and labor
c
You might also like to view...
In the circular flow, ________ provide the factor services
A) businesses and households B) producers C) households D) businesses
If the labor demand curve shifts to the right due to a government policy during a recession, and if wages are flexible, ________
A) real wages will increase B) real wages will decrease C) prices will fall D) unemployment will increase
The economists of the Federal Trade Commission suggested rejection of Coke's merger with Dr. Pepper as it could:
a. increase overall competition in the soft drinks industry. b. lower Coke's share in the carbonated and soft drinks market. c. reduce the profitability of the entire soft drinks industry. d. allow Coke to profitably raise its prices by 5 to 10 percent.
According to the text, one important economic application of the anchoring and adjustment bias is
A. in estimating the failure rates of complex projects. B. to evaluate consumer behavior with regard to luxury spending. C. to increase productivity in volunteer organizations. D. to estimate production costs of simple operations.