​A Resource That Earns Only Economic Rent

question 142

Multiple Choice

​A resource that earns only economic rent:

• A)cannot be employed in any other line of production.
• B)has an upward-sloping supply curve.
• C)has an downward-sloping supply curve.
• D)has a marginal revenue product lesser than its marginal cost.
• E)has a perfectly elastic supply curve.

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Definitions:

Simile

A figure of speech that compares two unlike entities, using words such as "like" or "as" to highlight similarities.

Informal Code

A set of unwritten rules and behaviors that are understood and followed within a specific social group or culture.

Informal Code

A set of unwritten, socially accepted rules or norms that govern individual behavior within a specific group or society.