The market level (magnitude) of economic rent is determined by the
a. supply side of the market.
b. demand side of the market.
c. intersection of supply and demand.
d. elasticity of demand for land.
b
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What will happen to the equilibrium price and equilibrium quantity of ice cream cones when consumers' incomes decrease?
A) If ice cream cones are a normal good, then the equilibrium price and quantity of ice cream cones will decrease. B) If ice cream cones are a normal good, then the equilibrium price and equilibrium quantity of ice cream cones will increase. C) If ice cream cones are an inferior good, then the equilibrium price for an ice cream cone will increase and the equilibrium quantity of ice cream cones will decrease. D) If ice cream cones are an inferior good, then the equilibrium price and quantity of ice cream cones will decrease.
If a teachers' union negotiates the wage for all college professors, the market supply curve of college professors
a. is perfectly elastic everywhere b. is perfectly inelastic everywhere c. is horizontal and then it slopes upward d. is vertical and it slopes upward e. slopes upward and then becomes horizontal
Over the past five decades, the U.S. economy has become
a. more closed. b. more open. c. less trade-oriented. d. more self-sufficient.
Which of the following is true for a perfectly competitive market in short-run equilibrium?
A. The quantity supplied equals the quantity demanded. B. The typical firm earns zero economic profit. C. The typical firm will always make a positive profit. D. All of these are correct.