Pure economic rent involves situations where
A) the supply curve is perfectly inelastic.
B) the supply curve is perfectly elastic.
C) the uses to which a resource can be used can be varied but the quality of the resource cannot be varied.
D) the quality of a resource can be varied but the price cannot be varied.
Answer: A
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When the dollar appreciates, the cost to Americans of foreign goods
A. rises and the CPI falls. B. rises and the CPI rises. C. falls and the CPI rises. D. falls and the CPI falls.
The right to openly support and democratically select national leaders is
A) political freedom. B) capital freedom. C) population freedom. D) economic freedom.
Which of the following is the main cause of the persistent inflation that we have experienced in the United States?
A. demand-side inflationary factors B. supply-side inflationary factors C. a combination of supply- and demand-side inflationary factors D. supply-side secularity factors
Product differentiation refers to
A. The selling of identical products in different markets. B. The charging of different prices for the same product in different markets. C. Different prices for the same product in a certain market. D. Features that make one product appear different from competing products in the same market.