Changes in the rental price of land is largely determined by:
a. changes in the supply of land
b. changes in the demand for land.
c. changes in the elasticity of supply of land.
d. the creation of new landfills.
b
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Possible causes of an upward-sloping demand curve are
A. consumers judge the quality of a product based on quality. B. consumers judge the quality of a product based on price. C. consumers judge the quality of a product based on recommendations by friends. D. consumers judge the quality of a product based on reviewer ratings.
With respect to production, the short run is best defined as a time period
A) lasting about six months. B) lasting about two years. C) in which all inputs are fixed. D) in which at least one input is fixed.
If an economy is producing at full employment, it means that:
a. there are idle resources in this economy. b. the production is not efficient. c. the economy is producing along its production possibilities curve. d. the economy is producing at a point that is to the left of the production possibilities curve. e. the economy is producing at a point that is to the right of the production possibilities curve.
Situation in which quantity supplied is greater than quantity demanded:
a. rationing b. price floor c. excess demand d. surplus e. equilibrium