Between 1988 and 1989, the Price of Retail Space in Ginza

question 92

Multiple Choice

Between 1988 and 1989, the price of retail space in Ginza, Tokyo's premier commercial and entertainment center, rose from $400 to $625 per square foot.This was the result of an increase in demand in the face of a perfectly inelastic supply curve for retail space.Economists call this

• A)monopoly profit.
• B)economic rent.
• C)usury.
• D)marginal revenue product.

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Definitions:

Population Parameter

A characteristic or measure that describes an aspect of an entire population, such as its mean or variance.

Value

The importance, worth, or usefulness of something or a numerical quantity assigned to a variable.

Type II Error

The error made in statistical testing when a false null hypothesis is not rejected.

Null Hypothesis

A default hypothesis that there is no significant difference or relationship between specified populations or phenomena, used as a starting point for statistical testing.