Which of the Following Statements Is Correct

question 67

Multiple Choice

Which of the following statements is correct?

• A) Economic profits can properly be regarded as the salaries received by the hired managers of corporations.
• B) Economic rent is a price paid for productive land resources whose supply is perfectly inelastic.
• C) Economic profits would be nonexistent in a dynamic, purely competitive economy.
• D) Economic, or pure, profit is the minimum return that entrepreneurs must receive to continue in a particular line of production.

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Definitions:

Drapetomania

A discredited 19th-century hypothesis that purported to diagnose a mental illness causing enslaved Africans to flee captivity.

Psychologists

Professionals who study cognitive, emotional, and social processes and behavior by observing, interpreting, and recording how individuals relate to one another and to their environments.

Posttraumatic Stress Disorder

A psychiatric disorder that may occur in people who have experienced or witnessed a traumatic event.

Recur

To occur again or repeatedly, often at regular intervals.