The Price of a Factor of Production That Is in Fixed

question 72

Multiple Choice

The price of a factor of production that is in fixed supply is called

• A)economic rent.
• B)economic profit.
• C)a compensating differential.
• D)opportunity cost.

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Definitions:

Number of Sellers

Refers to the total quantity of providers or suppliers offering a particular good or service in a market.

Technological Innovations

New or improved technologies, processes, or methods that significantly increase efficiency or productivity.

Geographical Boundaries

Physical or political demarcations that define separate areas, regions, or territories.

Acquisitions

The process by which one company purchases most or all of another company's shares to take control.