Which of the Following Productive Resources Is Considered 'Fundamentally Different

question 27

Multiple Choice

Which of the following productive resources is considered 'fundamentally different' from other resources with respect to supply and diminishing returns?

• A) labor.
• B) land.
• C) physical capital.
• D) technology.

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Definitions:

Monopolist's Profits

The earnings a monopolist achieves, which are typically higher than in competitive markets due to the ability to set prices above marginal costs.

Demand Curve

A graphical representation that shows the relationship between the price of a good and the quantity demanded by consumers at those prices, typically downward sloping.

Monopolist

A monopolist is a producer or provider who has exclusive control over the supply of a particular good or service, enabling them to significantly influence or set prices.

Profit-Maximizing

A strategy adopted by businesses aiming to achieve the highest possible profit given the constraints they face.