When we have an optimum resource mix for the firm,

A. the MRP of land = the price of land.
B. the MPP of land = the price of land.
C. Both choices are true.
D. Neither of the choices are true.


A. the MRP of land = the price of land.

Economics

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Assume an economy produces only hamburgers and hotdogs and the base year is 2005. Quantity producedPrices 2005200620052006Hamburgers2,0003,0002$3Hotdogs3,0004,0001$1.50Given the data in the table above, what is the value of nominal GDP in 2006?

A. $15,000 B. $10,500 C. $ 5,000 D. $ 7,000

Economics

A market in which firms can enter and leave so easily that firms in the market face competition from potential entrants is called a

A) contestable market. B) cartel. C) limit pricing market. D) monopolistic competition market.

Economics

Utility is:

A. a way of describing a consumer’s wants. B. only applicable to goods that are purchased. C. a measure of a consumer’s income D. All of these are true.

Economics

The higher the interest rate, the more a future payment is discounted and the lower its present value

Indicate whether the statement is true or false

Economics