If the Supply Curve for a Factor Is Perfectly Inelastic,the

question 24

Multiple Choice

If the supply curve for a factor is perfectly inelastic,the payments to the factor are

• A)wholly economic rent.
• B)wholly transfer earnings.
• C)partly economic rent and partly transfer earnings.
• D)neither economic rent nor transfer earnings.
• E)an unnecessary tax on the factor.

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Definitions:

Deterrence

A theory or strategy aimed at discouraging someone from taking an undesirable action by instilling fear of the consequences.

Rehabilitation

An approach to punishment that attempts to reform criminals as part of their penalty.

Incapacitation

A criminal justice theory aimed at reducing crime by detaining or restricting the movements of convicted offenders to prevent them from committing further offenses.

Stereotype Promise

A concept suggesting that positive stereotypes about a group can lead to increased performance and outcomes for individuals within that group.