A payment for a resource above the opportunity cost of the resource is
A) economic rent.
B) social rent.
C) nominal rent.
D) real rent.
A
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Refer to the figure below.________ inflation will eventually move the economy pictured in the diagram from short-run equilibrium at point ________ to long-run equilibrium at point ________, 
A. Rising; B; C B. Falling; A; C C. Falling; A; B D. Rising; A; C
Economic discrimination occurs when two equal factors of production are paid differently.
Answer the following statement true (T) or false (F)
The production possibility frontier is used to illustrate the concept of
A. the laissez-faire economy. B. opportunity costs. C. aggregate demand. D. equilibrium.
If total revenue exceeds the total cost of production, a firm
A. shuts down. B. breaks even. C. earns a profit. D. suffers a loss.