If All of the Returns to a Resource Are in the Form

question 2

Multiple Choice

If all of the returns to a resource are in the form of economic rent,

• A)the price of that resource is determined exclusively by supply
• B)the price of that resource is determined exclusively by demand
• C)the price and quantity of that resource are determined exclusively by supply
• D)the price and quantity of that resource are determined exclusively by demand
• E)the equilibrium price is zero

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Definitions:

Parcel Identification Number

A unique numerical or alphanumeric code assigned to a parcel of land for identification and administrative purposes.

Electronic Registration System

A digital system used to record and manage the ownership and transactions of securities or properties.

Right of Way of Necessity

A legal grant allowing one to cross land owned by another, typically when it's essential for access to one's own land and no alternative route exists.

Express Easement

A right granted by a landowner for the use of a portion of their property for a specific purpose, explicitly stated in writing.