The Prices Paid to a Productive Resource Usually Perform an Incentive

question 138

Multiple Choice

The prices paid to a productive resource usually perform an incentive function except with what resource?

• A) land
• B) labor
• C) capital
• D) entrepreneurial ability

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Definitions:

Corn Market

The trading and economic sector focused on the cultivation, distribution, and sale of corn as a commodity.

Market Supply

The total amount of a specific good or service that is available to consumers in a market at current prices.

Increasing-cost Industry

An increasing-cost industry is one in which the entry of new firms raises the average costs of production, often due to limited resources or increasing prices for inputs.

Consumer Demand

The willingness and ability of consumers to purchase goods and services at different prices, influencing market dynamics and prices.