Which statement is true about economic rent?
A. It doesn't exist.
B. Every jobholder earns it.
C. No jobholder earns it.
D. Professional athletes generally earn it.
D. Professional athletes generally earn it.
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The figure above shows a production possibilities frontier. In the figure, which of the following combinations of the two goods cannot be produced with the current resources and technology?
A) 5 million cell phones and no DVDs B) 1 million cell phones and 14 million DVDs C) 4 million cell phones and 4 million DVDs D) 3 million cell phones and 5 million DVDs E) 2 million cell phones and 13 million DVDs
Generally speaking, firms _____ of their capital assets
a. prefer straight-line depreciation b. prefer accelerated depreciation c. are indifferent between straight-line and accelerated depreciation d. prefer not to depreciate
In an iron and steel plant with 4 blast furnaces, 40 laborers produce 160 tons of pig iron every day. The labor productivity in the firm is equal to _____
a. 0.25 ton per worker b. 4 tons per worker c. 10 tons per worker d. 0.1 ton per worker e. 40 tons per worker
When a government subsidy is granted to the buyers of a product, sellers can end up capturing some of the benefit because
a. the market price of the product will fall in response to the subsidy. b. the market price of the product will rise in response to the subsidy. c. the market price of the product will not change in response to the subsidy. d. producers will reduce the supply of the product.