What Do Economists Call the Price of a Factor of Production

question 24

Multiple Choice

What do economists call the price of a factor of production that is in fixed supply?

• A)Economic rent.
• B)Economic profit.
• C)A compensating differential.
• D)Opportunity cost.

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Definitions:

Peristalsis

The rhythmic muscular contractions that move a substance through a tract, such as food through the digestive tract and the ovum through the fallopian tube.

Esophagus

The muscular tube that transports food from the mouth to the stomach by sequential muscle contractions.

Acetaminophen

A medication used to reduce pain and fever, known for its minimal anti-inflammatory properties.

Liver

A vital organ located in the upper right quadrant of the abdomen, involved in detoxifying substances, producing bile, and metabolizing nutrients.