The exclusive rights of ownership that allow the use, transfer, and exchange of property are called
A) common property rights.
B) private property rights.
C) externalities.
D) social benefits.
B
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A perfectly competitive firm will continue to operate in the short run when the market price is below its average total cost if the
A) marginal revenue is greater than marginal cost. B) price is at least equal to the minimum average variable cost. C) total fixed costs are less than total revenue. D) marginal cost is minimized. E) price is also less than the minimum average variable cost.
In recent years, the price of smartphones has fallen, while the quantity exchanged of smartphones has risen. We can conclude that this is most likely a result of
A) a decrease in supply while demand remained constant. B) an increase in demand while supply remained constant. C) an increase in demand that exceeded an increase in supply. D) an increase in supply that exceeded an increase in demand.
The term "economic rent" refers to payments
A) to owners of real estate. B) for the use of any resource above its opportunity cost. C) equal to the opportunity cost of the use of land. D) for the use of housing in company owned properties.
The inflation index that is most favored by economists is the
a. Consumer Price Index. b. GDP Implicit Price Defoliator. c. Producer Price Index. d. Commodity Price Index.