The Price Paid to a Resource in Totally Fixed Supply

question 98

Multiple Choice

The price paid to a resource in totally fixed supply is called

• A)economic rent
• B)economic profit
• C)wages
• D)interest
• E)opportunity cost

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Definitions:

Segmentation Strategy

Segmentation Strategy involves dividing a broad market into distinct subgroups of consumers with common needs or characteristics, to target them more effectively.

Butterball Turkeys

A brand known for its turkey products, including whole turkeys and turkey meats, popular in the United States especially during festive seasons.

Swift Meat Company

A historic American corporation involved in the meat packing industry, now part of JBS S.A.

Market Segment

A subgroup of individuals or organizations sharing one or more characteristics that cause them to have similar product or service needs.