When a Resource Has a Perfectly Elastic Supply Curve

question 149

Multiple Choice

When a resource has a perfectly elastic supply curve

• A) the amount of economic rent for the resource is determined by its supply.
• B) the amount of economic rent for this resource is determined by demand for the resource.
• C) there is no economic rent being earned by this resource.
• D) the entire payment received by this resource is economic rent.

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Definitions:

Factorial ANOVA

A statistical test used to determine the effect of two or more independent variables at multiple levels on a dependent variable.

Participants Tested

Refers to the individuals who partake in a study or experiment and whose performance or responses are evaluated.

Significant

Referring to statistical results, it denotes findings that are unlikely to have occurred by chance, indicating a meaningful difference or correlation.

Main Effects

The direct impact of an independent variable on a dependent variable in an experimental design.