What is pure rent?
What will be an ideal response?
Pure rent is the return to any factor of production that is fixed in supply.
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From 1970 to 2006, the largest percentage increase in average real income for households in the United States occurred in which quintile?
A) the bottom quintile B) the second quintile C) the middle quintile D) the top quintile
What best describes the antebellum economy?
a. By 1860 the size of most American firms was comparable to the size of firms today. b. Manufacturing had replaced agriculture as the largest sector of employment in the US. c. Heavy equipment was one of the top-three manufacturing sectors. d. The U.S. developed many new ways of combining factors of production to substitute capital for labor.
The World Values Survey, a group of international social scientists, who ranks the well-being of society based on social indicators ranks Puerto Rico higher than the United States. This approach to measuring well-being is similar to the approach that the text calls:
A. nominal gross domestic product. B. disposable personal income. C. genuine progress indicator. D. real gross domestic product.
??Firm 2???High PriceLow PriceFirm 1High PriceFirm 1 earns $100; Firm 2 earns $100Firm 1 earns $25; Firm 2 earns $150?Low PriceFirm 1 earns $150; Firm 2 earns $25Firm 1 earns $50; Firm 2 earns $50Table 12.2In the game shown in Table 12.2, the firms:
A. both have a dominant strategy of choosing a low price. B. both have a dominant strategy of choosing a high price. C. do not have a dominant strategy. D. will alternate between high price and low price strategies.