When a Factor of Production Is in Fixed Supply,the Revenue

question 7

Multiple Choice

When a factor of production is in fixed supply,the revenue it earns

• A) consists entirely of rent.
• B) is an efficiency wage.
• C) is independent of how the resource is used.
• D) consists entirely of deadweight loss.

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Definitions:

Behaviors

The actions or reactions of an organism, often in response to external stimuli, which can be observed and measured externally.

Appetitive Action Patterns

Sequences of behavior that occur in response to signals indicating the availability of a desired goal or reward.

Innate Releasing Mechanisms

Neurological structures that are triggered by specific stimuli, leading to an instinctive behavior in animals.

Ethology

The scientific study of animal behavior, particularly in natural environments, focusing on the evolutionary implications of behaviors.