Consider Two Resource Markets in Which the Demand Curves Slope

question 83

Multiple Choice

Consider two resource markets in which the demand curves slope downward.In market A, the supply curve is horizontal, equilibrium price is $6, and 100 units of the resource are hired.In market B, the supply curve is vertical, equilibrium price is $20, and 30 units of the resource are hired.Which of the following is true?

• A)All of the resource earnings in market A are economic rent.
• B)All of the resource earnings in both markets are economic rent.
• C)All of the resource earnings in market B are economic rent.
• D)None of the resource earnings in either market is an opportunity cost.
• E)None of the resource earnings in either market is economic rent.

Understand the implementation of form controls in Excel.

Know how to utilize Excel's commenting and track changes features.

Recognize the importance and process of creating and editing macros.

Understand the customization and functionality of ActiveX Controls and form controls.

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Definitions:

Interest Rate

The fraction of a borrowed sum that incurs interest charges for the borrower, often expressed in terms of a yearly percentage.

Investment

The process of assigning financial resources with the goal of making a profit or gaining income.

Interest

The amount paid for the use of borrowed money, typically expressed as a percentage.

Invested

The allocation of resources, typically money, into ventures with the expectation of generating income or profit.