Which of the Following Would Be Categorized as "Land

question 315

Multiple Choice

Which of the following would be categorized as "land"?

• A) timber
• B) human capital
• C) buildings
• D) entrepreneurship

---

Definitions:

MR = MC

The condition for profit maximization in economic theory, where marginal revenue (MR) equals marginal cost (MC).

Economic Profit

The discrepancy across total turnover and total spendings, including expenses both explicit and implicit.

Profit Per Unit

The profit earned for each unit of a good or service sold, calculated by subtracting the cost per unit from the selling price per unit.

Monopoly Firm

A single company that possesses exclusive control over the supply of a particular product or service, allowing it to influence price.