Generally, the more elastic the supply of a resource, the greater is the economic rent as a proportion of total earnings
Indicate whether the statement is true or false
false
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The above figure shows a housing market with a rent ceiling equal to $1,000. In this figure, what area is equal to the producer surplus?
A) area A B) area B C) area C D) area D E) area E
In 1999, around 24 percent of college students attended private schools
a. True b. False
In accordance with the law of supply, both individual and market supply curves are drawn:
a. horizontal. b. vertical. c. downward-sloping. d. upward-sloping.
If the unemployment rate rose from 6 percent to 7 percent,
A. Cyclical unemployment went up by more than 1 percent. B. Cyclical unemployment went up by 1 percent. C. Cyclical unemployment went up by less than 1 percent. D. Cyclical unemployment stayed the same. E. Cyclical unemployment went down.