The equilibrium purchase price of an acre of land depends upon the current value of the marginal product of land and upon the __________
Fill in the blank(s) with correct word
value of the marginal product of land expected to prevail in the future
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There are 6 firms in a market and the market shares of the firms are 40 percent, 30 percent, 10 percent, 8 percent, 7 percent, and 5 percent. The four-firm concentration ratio is equal to
A) 2738. B) 2664. C) 100. D) 88.
Menu costs refer to:
A. the money, time, and opportunity used to change prices to keep pace with inflation. B. the time, money, and effort one has to spend managing cash in the face of inflation. C. being penalized via taxes for making more money in dollars, even though real purchasing power hasn't changed. D. labor costs associated with inflation.
If the United States decides to allocate more resources to capital goods and less to consumer goods, the United States will obtain a greater degree of:
A) economic growth. B) full employment. C) price stability. D) technical efficiency.
One problem associated with a monopoly firm is that it
A) produces too little output but also charges a low price. B) produces too much output and charges too low a price. C) restricts output and charges a relatively higher price than a purely competitive firm. D) is just as good as a purely competitive firm in terms of output and price.