Economic rent is a payment for a factor of production that elicits an increase in the quantity supplied.
Answer the following statement true (T) or false (F)
False
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An increase in consumer wealth would shift the aggregate demand curve rightward
Indicate whether the statement is true or false
If the above figure accurately portrays the market conditions for a given monopolist, we can be assured that the monopolist
A) is making a normal profit. B) is producing at the level that will maximize benefit to society. C) is making excessive profits. D) will be forced to go out of business in the long run.
The optimal Pigouvian tax is equal to the marginal social:
a. benefit of pollution at the market-determined level of pollution. b. cost of pollution at the market-determined level of pollution. c. benefit when there is zero pollution. d. cost of pollution at the socially optimal quantity of pollution.
Individual decision making by consumers and producers is the focus of
A. macroeconomics. B. aggregate measures. C. microeconomics. D. any economic model.