The Amount by Which Any Price Exceeds the Minimum Price

question 7

Multiple Choice

The amount by which any price exceeds the minimum price necessary to make a factor of production that is fixed in supply available is called:

• A) economic profit.
• B) abnormal rent.
• C) economic rent.
• D) monopoly profit.

---

Definitions:

Red Tides

A phenomenon caused by algal blooms that turn the sea or other bodies of water a red or reddish color, often resulting in toxic effects on marine life.

Dinoflagellates

A group of single-celled organisms found in marine and freshwater environments known for their role in aquatic food chains and some can cause red tides.

Genetically Distinct Cells

Cells that have a unique genetic makeup, distinguishing them from other cells within an organism or between organisms.

Genetically Identical Cells

Cells that have exactly the same DNA sequence, typically arising from the division of a single cell or from cloning processes.