As the total quantity of land is fixed the payment for land is termed as economic rent.
a. True
b. False
Indicate whether the statement is true or false
Question 2
If the demand for cream cheese produced by a dairy is perfectly elastic, then:
a. the demand curve will be vertical.
b. the demand curve will be horizontal.
c. the demand curve will be upward sloping.
d. the demand curve will be downward sloping.
e. the demand curve will initially slope upward and then slope upward.
