If all the return to a resource is economic rent, we know that
A. the price of the resource is below its opportunity cost.
B. the price of the resource is above its opportunity cost.
C. the resource has a price of zero.
D. the price of the resource equals its opportunity cost.
Answer: B
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Refer to Scenario 11.1. Suppose all five ranchers know that their land that Mariana needs is worth a total of $2 million
If each rancher agrees to sell his or her parcel of land to Mariana for $600,000, the logical outcome in this situation is for the railway ________ , and the benevolent social planner is ________. A) to be built; pleased B) to be built; indifferent C) not to be built; unhappy D) not to be built; indifferent
One of moneys primary roles in the economy comes from the use of money to transfer purchasing power to the future. This role of money is called
A) store of value. B) unit of account. C) medium of exchange. D) standard of deferred payment.
The change in the quantity demanded of any good is always caused by:
a. a change in consumers' preferences for that good. b. a change in the general income levels of the consumers who buy that good. c. an increase or decrease in the population. d. a change in the price of that good. e. a change in the price of substitute goods.
The first Federal antitrust law, passed by Congress in 1890, was the:
A. Sherman Act. B. Clayton Act. C. Federal Trade Commission Act. D. Celler-Kefauver Act.