Which of the Following Statements Is True

question 47

Multiple Choice

Which of the following statements is true?

• A)Natural resources per worker influence productivity only when those natural resources are renewable.
• B)The prices of most natural resources are stable or falling relative to other prices.
• C)Technology requires greater use of natural resources.
• D)The terms human capital and technological knowledge are used interchangeably.

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Definitions:

Economic Profit

The difference between a firm's total revenue and its total costs, including both explicit and implicit costs.

Monopolistic Competition

A market structure characterized by many firms selling similar but not identical products, with each having some control over its own prices.

Price Makers

Entities in a market that have the power to set prices for goods or services because they hold significant control over the market or the product.

Oligopoly

A market structure in which a small number of firms dominate the market, leading to limited competition and possibly higher prices for consumers.