If All the Return to a Resource Is Economic Rent

question 359

Multiple Choice

If all the return to a resource is economic rent, we know that

• A) the price of the resource is below its opportunity cost.
• B) the price of the resource equals its opportunity cost.
• C) the price of the resource is above its opportunity cost.
• D) the resource has no opportunity cost.

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Definitions:

Adulthood

A phase of life characterized by the completion of physical growth, the assumption of adult responsibilities, and legal recognition of majority.

Crystallized Intelligence

The ability to use skills, knowledge, and experience gained over time. It contrasts with the ability to reason quickly and abstractly.

Fluid Intelligence

Refers to the ability to think logically and solve problems in novel situations, independent of acquired knowledge.

Age

The length of time that an individual has lived or a thing has existed, typically measured in years.