Discuss the market for land in terms of supply, demand, and price.
What will be an ideal response?
The supply curve for land is perfectly inelastic, meaning that the same amount of
land is available regardless of price or demand. While the supply of land does not
change in response to market forces, increased demand can drive up the rental price.
When demand is high, price is high; when demand is low, price is low. In addition, the
demand for land is a derived demand centering on the product of its intended use. In
other words, if demand for the product goes up, then demand for the land will also go
up.
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Intel hired a consultant who found that the value of marginal product of Intel's workers decreased as more workers were hired. Suppose Intel is a monopolistically competitive firm. Then the value of marginal product decreases because the
I. workers' marginal product of labor decreased as more workers were hired. II. marginal revenue of Intel's chips decreased as more chips were sold. A) I only B) II only C) Both I and II D) Neither I nor II
If the production possibilities curve is a downward sloping straight line, then
A) resources are highly specialized, making it difficult to use them for alternative uses. B) technological change has increased. C) production is efficient only when producing at the mid-point. D) all resources must be perfectly adaptable for alternative uses.
The trade of an economy is said to be balanced if: a. the monetary value of exports is greater than the monetary value of imports. b. the monetary value of exports is equal to the monetary value of imports
c. the physical volume of exports is equal to the physical volume of imports. d. the physical volume of exports is greater than the physical volume of imports.
In 2003, Sony Corporation announced reform in its management structure. The reform included an increase in the number of outside directors on the Board of Directors, a requirement to separate the Chairman of the Board from the CEO, and greater inclusion of outside directors on the Nomination Committee. Analyze these changes from the perspective of separation of decision control from decision management.
What will be an ideal response?