If the Supply of a Resource Is Fixed,then the Resource's

question 89

Multiple Choice

If the supply of a resource is fixed,then the resource's total earnings equal _____

• A)its economic rent.
• B)its economic profit.
• C)its marginal revenue cost.
• D)its marginal revenue product.
• E)its opportunity cost.

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Definitions:

Complements

Goods or services that are used together such that the demand for one increases when the price of the other decreases.

Demand

The quantity of a product or service that consumers are willing and able to purchase at various price levels, holding all else constant.

Inferior Goods

Goods for which demand tends to fall when income rises.

Incomes

Income is the financial gain, commonly acquired on a consistent basis, either from employment or investment returns.