Unlike economic profit, economic rent:
A. may not be driven to zero by competition.
B. doesn't involve opportunity costs.
C. can be less than zero.
D. only applies to land.
Answer: A
You might also like to view...
When supply and demand analysis is used to study the exchange rate, foreign exchange is treated just like
a. a good or a service b. debt c. fiat money d. commodity money e. investment
Which of the following trends would lower the unemployment rate associated with full employment?
a. People become less educated over time. b. More people are willing to move to find a job. c. The government spends money to reduce the loss of jobs during a recession. d. A larger proportion of jobs are seasonal in nature. e. The federal government increases unemployment benefits.
In the circular flow model, the business sector ____ goods and services in ____ markets.
a. demands; product c. supplies; product b. demands; resource d. supplies; resource
Quantity DemandedPriceQuantity Supplied52$5073624562724051823542923033In the above market, economists would call a government-set maximum price of $40 a:
A. price floor. B. fair price. C. equilibrium price. D. price ceiling.