A Resource That Earns Only Economic Rent

question 49

Multiple Choice

A resource that earns only economic rent

• A)cannot be employed in any other line of production, so its opportunity cost is zero
• B)is rental payment for a resource that has already been paid for
• C)is impossible because all resources have an opportunity cost associated with their use
• D)is not fixed in quantity
• E)has a perfectly elastic supply curve

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Definitions:

Consumer Attitudes

The feelings or beliefs individuals have about specific products, services, or brands which influence their purchasing decisions.

Field Experiment

A study that examines the impact of an intervention in the real world.

Real World

Refers to the actual physical world and situations as opposed to what is imagined or created in virtual or theoretical scenarios.

Grocery Store

A retail store that specializes in selling food and other household necessities.