Long-Run Economic Rent or Profit Do Not Exist for Fixed

question 1

Multiple Choice

Long-run economic rent or profit do not exist for fixed factors like land because

• A)bidding drives up the price of the factor until no economic rent exists.
• B)there is no market for such factors.
• C)these factors have L-shaped isoquants.
• D)these factors will earn economic profits.

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Definitions:

Cerebrum

The largest part of the brain, responsible for voluntary activities, sensory perception, thought, reasoning, and memory.

Caudate Nucleus

A structure within the brain involved in various processes such as voluntary movement coordination and learning.

Lateral Fissure

A deep groove on the surface of the brain separating the temporal lobe from the frontal and parietal lobes.

Cerebrum

The cerebrum is the largest part of the brain, responsible for cognitive functions such as thought, memory, and decision-making.