In an input market, economic rent is defined as

a. the total remuneration paid to a factor of production.
b. the minimum amount required to retain a factor of production in its present use.
c. the total cost for a firm of renting land, equipment, and buildings.
d. the extent to which payments to a factor of production exceed the minimum amount required to retain it in its present use.


d

Economics

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Which of the following is the best example of second-degree price discrimination?

a. A car salesperson's attempts to discover and charge the highest price that the customer is willing to pay. b. A sub shop that gives you a half-price sandwich on every sixth visit. c. Manufacturers' use of discount coupons printed in Sunday newspapers. d. Polaroid cameras and film.

Economics

In a two-good economy, the price of video games is $40 and the price of energy drinks is $2. If the annual output of this economy is 100 video games and 500 drinks, the GDP is ________

A) $50,080 B) $25,200 C) $5,000 D) $20,200 E) none of the above

Economics

For a demand schedule, which of the following is held constant?

A) relative prices B) quantity demanded C) quality of the good D) nominal prices

Economics

Exhibit 7-9 Cost schedule for firm X OutputQuantity Total FixedCost Total VariableCost 0 $100 $    0 1   100     50 2   100     84 3   100   108 4   100   127 5   100   150 As shown in Exhibit 7-9, the average total cost of producing 5 units is:

A. $20. B. $30. C. $50. D. $250.

Economics