Consider the Mobility of Any Factor of Production

question 121

Multiple Choice

Consider the mobility of any factor of production.The more broadly we define the use of the factor,the ________ is the mobility of the factor and the ________ is the share of the factor payment that is economic rent.

• A)lower; lower
• B)lower; higher
• C)higher; higher
• D)higher; lower

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Definitions:

Old Ideas

Concepts, beliefs, or practices that have been prevalent in the past but may not be considered current or innovative.

Descriptive Statistics

Statistics that summarize or describe the characteristics of a data set, including measures like mean, median, and mode.

Inferential Statistics

A branch of statistics that makes predictions or inferences about a population based on a sample of data drawn from that population.

Difference

The result of subtracting one quantity from another.