The temporary producers' surpluses earned in the short run by factors that are inelastically supplied are called
a. regressive rents.
b. transitory rents.
c. windfall rents.
d. quasi-rents.
d. quasi-rents.
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One of the earliest practitioners of an infant industry policy was
a. Brazil b. Ghana c. India d. The United States e. none of the above
The modern view of the Phillips curve suggests that:
a. when inflation is reduced, unemployment will fall below the natural rate. b. the Phillips curve is an unstable relationship. c. systematic demand stimulus policies will be unable to affect prices in the long run. d. there will be a trade-off between inflation and unemployment in the long run.
The "vicious cycle of discrimination" refers to
a. the use of statistical discrimination to perpetuate the impact of employer prejudice on minorities b. the portion of the wage differential between two groups that cannot be accounted for by differences in education and job experience c. lower wage rates that reduce incentives to improve skill levels and gain job experience, which perpetuates lower wage rates d. any job-market discrimination that remains after all premarket discrimination has been eliminated e. job-market discrimination that leads to increased prejudices among workers and customers, thus generating more discrimination
In reality, decisions made by firms may not always produce maximum total profit because some executives
a. are more motivated by altruism. b. are more interested in market share than profits. c. may push research and development to the point that profits decline. d. All of the above are correct.