The Price Paid to a Resource in Totally Fixed Supply

question 98

Multiple Choice

The price paid to a resource in totally fixed supply is called

• A)economic rent
• B)economic profit
• C)wages
• D)interest
• E)opportunity cost

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Definitions:

Prefrontal Cortex

A part of the brain located in the frontal lobe, associated with decision making, social behavior, personality, and cognitive planning.

Confabulations

Involves the creation of false memories without the intention to deceive, often occurring in patients with certain brain injuries or diseases.

Anterograde Amnesia

A condition where a person is unable to form new memories following a traumatic event, though long-term memories from before the event may remain intact.

Retrograde Amnesia

A loss of memory-access to events that occurred, or information that was learned, before an injury or the onset of a disease.