Adding 1,690 + 88 + 410 + 30 Results in a Sum

question 55

Multiple Choice

Adding 1,690 + 88 + 410 + 30 results in a sum of:

• A)2,182
• B)2,818
• C)2,218
• D)2,188
• E)None of these

---

Definitions:

Economic Rents

Earnings from a factor of production in excess of what is necessary to keep the factor in its current use, often due to limited supply or unique qualities.

Competitive Market

A market structure characterized by many buyers and sellers where no single participant has market power to influence prices significantly.

Long-Run Equilibrium

A state in which all factors of production are variable, allowing firms to enter or exit, resulting in zero economic profit for perfectly competitive firms.

Competitive Industry

An industry where numerous firms compete against each other to sell similar products or services.