When the Supply Curve of a Resource Is Vertical, Then

question 278

Multiple Choice

When the supply curve of a resource is vertical, then the return to the resource owner is

• A) zero.
• B) partly economic rent and partly opportunity costs.
• C) partly economic rent and partly profits.
• D) pure economic rent.

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Definitions:

Scatterplot

A type of graph in statistics used to display values for typically two variables for a set of data.

Standard Deviation

A measure of the amount of variation or dispersion of a set of values, indicating how much the values differ from the mean.

Mean

Often referred to as average; the sum of all the numbers in a data set divided by the number of elements in the data set.

Romantic Partner

An individual with whom one shares a romantic relationship, characterized by feelings of love, attraction, and commitment.