All of the Payment to a Factor of Production Will

question 85

Multiple Choice

All of the payment to a factor of production will be economic rent when the factor of production has:

• A) an infinitely inelastic supply curve.
• B) an infinitely elastic supply curve.
• C) a constant, unit elastic supply curve.
• D) an infinitely inelastic demand curve.

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Definitions:

P-value

A statistical measure that helps to determine the significance of results, indicating the probability of observing the results given that the null hypothesis is true.

Null Hypothesis

Null hypothesis refers to a statement used in statistics that suggests no statistical significance exists in a set of given observations.

Alternative Hypothesis

The alternative hypothesis is a statement in hypothesis testing that proposes a specific relationship between variables, contrasting the null hypothesis.

One-sided Test

A hypothesis test in which the region of rejection is on only one side of the sampling distribution, assessing either a lower or upper tail.