Consider two resource markets in which the demand curves slope downward. In market A, the supply curve is horizontal, equilibrium price is 6, and 100 units of the resource are hired. In market B, the supply curve is vertical, equilibrium price is 20, and 30 units of the resource are hired. Which of the following is true?
a. All of the resource earnings in market A are economic rent.
b. All of the resource earnings in both markets are economic rent.
c. All of the resource earnings in market B are economic rent.
d. None of the resource earnings in either market is an opportunity cost.
e. None of the resource earnings in either market is economic rent.
Question 2
A meditation class meets on the second floor of a building; the first floor is a nightclub. The loud music from the club disturbs the classes. Which of the following best explains why the negative externality faced by the class arises?
a. The class has no property right to a quiet environment.
b. The club has a property right on the ground floor.
c. The class has a property right on the second floor.
d. The club uses an inappropriate technology (i.e., no soundproofing).
e. Both the club and class are profitable.
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