Rent depends on what the potential users of the land are willing to pay for it.
Answer the following statement true (T) or false (F)
True
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Imagine a duopoly in which two firms, A and B, produce the monopoly profit-maximizing output and equally share the economic profit. If firm A increases output,
A) both firms' profits increase. B) firm A's profits increase and firm B's profits decrease. C) firm B's profits increase and firm A's profits decrease. D) both firms' profits decrease. E) firm A's profits increase and firm B's profits do not change.
Suppose an American worker can make 100 chairs or catch 1000 fish per day. On the other hand, a Chilean worker can produce 40 chairs or catch 400 fish per day. The United States possesses a(n) _______________ advantage in chair production, but not a(n) ______________ advantage in fish production.
A. absolute; comparative B. comparative; absolute C. absolute; absolute D. comparative; comparative
The GDP does not measure
a. moving costs. b. external costs. c. depreciation costs. d. military costs.
Refer to Table 5.1, which shows Madeline's preference ranking for various consumption bundles of bread and soup, where 1 represents her first choice, 2 her second, and so on. If the price of soup is $3 per bowl, the price of bread is $3 per loaf and Madeline's income is $9 per day, which combination of bread and soup will she choose?
A. 2 loaves of bread and 1 bowl of soup
B. 1 loaf of bread and 2 bowls of soup
C. 3 loaves of bread and 0 bowls of soup
D. 0 loaves of bread and 3 bowls of soup