If all land had equal productivity, then
a. land rent would increase
b. differential land rents would not exist
c. location rent would not exist
d. locations rent would be everywhere the same
e. differential rent would increase
B
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Which of the following can be thought of as a barrier to entry?
A) scale economies. B) patents. C) strategic actions by incumbent firms. D) all of the above
If 4% of employed workers lose their jobs each period while 76% of the unemployed find work, then the natural rate of unemployment is
a) 4% b) 5% c) about 3% d) 20% e) 19%
Economists define inflation as
a. The price of necessities like food and gasoline. b. How fast on average prices are rising in a given period of time c. The value of the dollar d. Average house prices in a given area
When a monopolist sells two units of output its total revenue is $600. When a monopolist sells three units of output its total revenue is $630. In order to sell three units of output instead of only two, the monopolist must
A. decrease its price by $30 per unit. B. increase its price by $30 per unit. C. decrease its price by $90 per unit. D. make no change in price and increase output by one unit.