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:

Double-Blind

An experimental procedure in which neither the participants nor the experimenters know who is receiving a particular treatment, to prevent bias.

Blood Pressure

The force that circulating blood exerts against the walls of the body's arteries, an essential indicator of cardiovascular health.

Psoriasis

A chronic autoimmune condition that affects the skin, causing red, scaly patches that may be itchy or painful.

Placebo

An inactive substance or treatment that is designed to mimic the experimental treatment but has no therapeutic effect.