The supply curve of land, in the market for uses of land, is:
a. perfectly inelastic.
b. nonexistent.
c. perfectly elastic.
d. positively sloped.
e. negatively sloped.
d
You might also like to view...
Deflation causes the demand for bonds to ________, the supply of bonds to ________, and bond prices to ________, everything else held constant
A) increase; increase; increase B) increase; decrease; increase C) decrease; increase; increase D) decrease; decrease; increase
Surplus is:
A. a measure of the value that buyers and sellers get from participating in a market B. maximized for individuals whose reservation price equals the market price. C. negative for those who do not participate in a market. D. All of these are true.
Zero economic profits for a perfectly competitive firm in the long run means
a. the firm must exit the industry. b. the firm is in equilibrium. c. the firm will shut down until the market improves. d. average revenue is insufficient to cover long-run average cost.
Economists pay special attention to making choices at the margin
a. true b. false