Economic rent is the amount of money above and beyond that necessary to keep the factor of production employed where it is.
Answer the following statement true (T) or false (F)
True
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Which of the following is a characteristic of a monopoly firm?
A) horizontal individual demand curve B) barriers to entry C) easy entry and exit D) many buyers and sellers
Monetarists and classical economists:
a. assume that stimulative monetary policy will create high levels of GDP without inflation. b. assume that stimulative monetary policy will create high levels of GDP and slightly high prices. c. assume the economy operates at full employment and stimulative monetary policy will only cause the price level to rise. d. assume that the economy operates at full employment and stimulative monetary policy will increase both aggregate supply and aggregate demand. e. assume that the Keynesian description of monetary policy underestimates the true stimulative effect of an increase in the money supply.
What will happen to the equilibrium quantity and price of salmon in a competitive market when there is an equal decrease in demand and supply?
A. Equilibrium quantity and price will both increase B. Equilibrium quantity and price will both decrease C. Equilibrium quantity will decrease and equilibrium price will stay the same D. Equilibrium quantity will stay the same and equilibrium price will increase
Economists consider the long run as a period of more than one year.
Answer the following statement true (T) or false (F)