A factor of production will NOT earn economic rent when its supply is (A) elastic (B) inelastic (C) unit elastic (D) perfectly elastic (E) perfectly inelastic ...

In economics economic rent refers to the payments made to a factor of production over and above what ...

A factor of production will NOT earn economic rent when its supply is (A) elastic (B) inelastic

Fantastic news! We've Found the answer you've been seeking!

Question:

A factor of production will NOT earn economic rent when its supply is

(A) elastic

(B) inelastic

(D) perfectly elastic

(E) perfectly inelastic

Related Book For answer-question

Exploring Economics

ISBN: 9781439040249

5th Edition

Authors: Robert L Sexton

See More Books

Posted Date: Feb 01, 2024 10:15 AM

See More Questions

Consider two situations: In situation A the production of widgets is monopolized by a single firm. In situation B the production of widgets is perfectly competitive. In both situations the supply of...
True or False: 1. The Wagner Act protected the rights of workers to organize and bargain collectively. 2. Economic rent arises when a factor of production has a perfectly inelastic supply curve. 3....
MCQ questions: 1. An increase in oil prices, such as the oil shocks in the 70s, lead to _______ thereby causing ________ a movement along the AS curve; cost-push inflation a leftward shift in the AS...
A 1.0 m long metallic rod is rotated with an angular frequency of 400 rad s about an axis normal to the rod passing through its one end. The other end of the rod is in contact with a circular...
A projectile is launched from a level surface with an initial velocity of v(vector) = (2 m/s) x + (4 m/s) y. What is the velocity of the projectile just before it lands? Explain.
Old Mills income statement appears as follows (amounts in thousands): Use the following ratio data to complete Old Mills income statement: 1. Inventory turnover is 3.70 (beginning Merchandise...
Lynn Goldsmith is a photographer known for her photographs of famous musicians. In 1981, Goldsmith had a photography session with the singer Prince. Three years later, Vanity Fair obtained a license...
The Electrocomp Corporation manufactures two electrical products: air conditioners and large fans. The assembly process for each is similar in that both require a certain amount of wiring and...
3) The cost and revenue function in dollar terms for a fast-food joint is given as follows: C(x)=200x+200 and R(x) = 50x X + 4 If x is measured in hundreds of units, what is the break-even point for...
Marquis Westbury invested $19,100 in the Ternton and Rainwater partnership for ownership equity of $119,000. Prior to the investment, equipment was revalued to a market value of $77,400 from a book...
The current swap interest rate structure (as of January 31, 2011) gives you a spot interest rate for 5 years of 2.65%. You also have the information that the current 10-year spot interest rate is...
How is social responsibility different from ethics? Provide an example of an organization behaving in a socially responsible manner regarding environmental influences. With the Coronavirus there are...
What concept was important to BOTH the Radio Act of 1912 and the Radio Act of 1927?
I t takes a 9 0 0 - kg racing car 1 2 . 5 s to travel at a uniform speed around a circular racetrack of radius 9 0 . 0 m . What is the centripetal force acting on the car?
Identify how the scripture and message contained within this sermon by Dr. Martin Luther king Jr. "But IF Not"apply to your life!
What are some good tips for writing essays and school papers as a beginner?
Cerebral blood flow (CBF) in the brains of healthy people has normally distributed with a mean of 300 milliliters per minute and a standard deviation of 20 milliliters per minute. Determine the value...
A company has the following incomplete production budget data for the first quarter: In the previous December, ending inventory was 200 units, which was the minimum required, at 10% of projected...
Plot both Renes total and marginal utility curves ongraphs. a. Total Utility b. Marginal Utility 35- 30 25 12- 10F 20 15- 10 F 5 4. 2 0 2 3 4 5 6 7 Quantity of Escargot Quantity of Escargot
True or False: 1. A central bank has only one function-controlling the supply of money in a country. 2. The central bank typically serves as the major bank for the central government. 3. The central...
True or False: 1. Unemployment compensation and public assistance payments act as automatic stabilizers, stimulating aggregate demand during recessions and reducing aggregate demand during booms. 2....
An entity denominated a sale of goods in a currency other than its functional currency. The sale resulted in a receivable fixed in terms of the amount of foreign currency to be received. The exchange...
If 1 Canadian dollar can be exchanged for 90 cents of U.S. currency, what fraction should be used to compute the indirect quotation of the exchange rate expressed in Canadian dollars? a. 1.10/1 b....
An entity denominated a December 15, 20X6, purchase of goods in a currency other than its functional currency. The transaction resulted in a payable fixed in terms of the amount of foreign currency...

A factor of production will NOT earn economic rent when its supply is (A) elastic (B) inelastic

Question:

Expert Answer:

In economics economic rent refers to the payments made to a factor of production over and above what ... View the full answer

Exploring Economics

Students also viewed these economics questions