The Price of a Factor of Production That Is in Fixed

question 72

Multiple Choice

The price of a factor of production that is in fixed supply is called

• A)economic rent.
• B)economic profit.
• C)a compensating differential.
• D)opportunity cost.

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Definitions:

Back and Forth

A repeated movement or discussion going in one direction and then in the opposite direction.

Points

Main ideas, arguments, or pieces of information presented or considered in a discussion or analysis.

Subordinated

The act of placing someone or something in a lower rank or position, or making them of less importance or priority.

Wedding Ring

A ring symbolizing marriage, traditionally worn on the base of the left ring finger to signify marital commitment and love.