The economic rent analysis does not apply to any factor
a. except land.
b. whose supply curve is vertical.
c. whose supply curve is horizontal.
d. whose quantity supplied is fixed.
c
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A balance of payments crisis is best described as
A) a sharp change in interest rates sparked by a change in expectations about the level of imports. B) a sharp change in foreign reserves sparked by a change in expectations about the future exchange rate. C) a sharp change in interest rates sparked by a change in expectations about the level of exports. D) a sharp change in foreign reserves sparked by a change in expectations about the level of imports. E) a sharp change in foreign reserves sparked by a change in expectations about domestic production.
Public goods differ from private goods in that:
a. they produce negative externalities. b. they are not scarce. c. their benefits cannot be denied to anyone. d. their consumption must be regulated by the government. e. their benefits are very narrow.
When a competitive market experiences an increase in demand that increases production costs for existing firms and potential new entrants, which of the following is most likely to arise?
a. The long-run market supply curve will be upward sloping. b. The condition of free entry into the market will be violated. c. Producer profits will fall in the long run. d. The long-run market supply curve will be horizontal as new firms enter and drive the price downward.
How much did employment fall by during the Great Recession?
a. 8 million b. 9 million c. 10 million d. 11 million