The concept of economic rent applies to
A. all wage and salary earners.
B. no wage or salary earners.
C. only owners of real estate.
D. people with rare valuable skills.
Answer: D
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Comdex Computer Company is producing at a price of $10 with an average total cost of $12and a fixed cost of $300 . The firm is currently producing 100 units
What are the operating profits of this firm? What are the economic profits of this firm?
Refer to Figure 3-8. The graph in this figure illustrates an initial competitive equilibrium in the market for apples at the intersection of D1 and S1 (point A)
If there is an increase in the wages of apple workers and an increase in the price of oranges, a substitute for apples, the equilibrium could move to which point? A) none of the points shown B) B C) C D) E
Which of the following holds true?
A) When the Marginal Product (MP) is rising, Marginal cost (MC) is rising; and when MP is falling, MC is falling. B) When MP is rising, MC is falling, and when MP is falling, MC is rising. C) When MP is rising, MC is constant, and when MP is falling, MC is negative. D) There is no relationship between MP and MC.
Based on U.S. law that requiring organs to be donated, the supply curve for human organs currently is: a. elastic
b. perfectly inelastic. c. unit elastic. d. perfectly elastic.