A Temporary Resource Price Differential Refers to a Price Difference

question 162

Multiple Choice

A temporary resource price differential refers to a price difference

• A)that will not lead to a shift of resources among users
• B)caused by lack of resource mobility
• C)caused by economic rent
• D)that, for example, causes more workers to move to higher-paid areas
• E)caused by minimum wage legislation

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Definitions:

Revocation

The act of cancelling or withdrawing something, such as an offer, license, or privilege.

Indefinite Offer

An offer in a contract that lacks specific, essential details, making it unclear or not concluded.

Material Terms

Essential provisions or clauses in a contract that are crucial to the performance of the agreement and integral to the contract’s objectives.

Market Price

The current price at which an asset or service can be bought or sold in the market.