This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: Under what circumstances will the economic rent earned by a factor of production always be zero? ... (Read 76 times)

leilurhhh

  • Hero Member
  • *****
  • Posts: 560
on: Jul 1, 2018
Under what circumstances will the economic rent earned by a factor of production always be zero?
 
  A) Infinitely inelastic supply curve
  B) Infinitely elastic supply curve
  C) Somewhat inelastic supply curve
  D) Elastic demand curve

Question 2

Suppose the demand for gourmet coffee can be represented by a linear demand curve. At the prevailing market price the income elasticity of demand for gourmet coffee is 2. When income rises the demand curve for gourmet coffee:
 
  A) becomes less elastic at every price.
  B) becomes less elastic at the price that prevailed before the change in income
  C) becomes more elastic at every price
  D) becomes more elastic at the price that prevailed before the change in income


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

alexanderhamilton

  • Sr. Member
  • ****
  • Posts: 334
Reply #1 on: Jul 1, 2018
Answer to Question 1

B

Answer to Question 2

A


leilurhhh

  • Member
  • Posts: 560
Reply 2 on: Jul 1, 2018
Wow, this really help

zacnyjessica

  • Member
  • Posts: 345
Reply 3 on: Yesterday
:D TYSM

« previous next »
 

Did you know?

Vaccines prevent between 2.5 and 4 million deaths every year.

Did you know?

Stevens-Johnson syndrome and Toxic Epidermal Necrolysis syndrome are life-threatening reactions that can result in death. Complications include permanent blindness, dry-eye syndrome, lung damage, photophobia, asthma, chronic obstructive pulmonary disease, permanent loss of nail beds, scarring of mucous membranes, arthritis, and chronic fatigue syndrome. Many patients' pores scar shut, causing them to retain heat.

Did you know?

Atropine, along with scopolamine and hyoscyamine, is found in the Datura stramonium plant, which gives hallucinogenic effects and is also known as locoweed.

Did you know?

Ether was used widely for surgeries but became less popular because of its flammability and its tendency to cause vomiting. In England, it was quickly replaced by chloroform, but this agent caused many deaths and lost popularity.

Did you know?

Amphetamine poisoning can cause intravascular coagulation, circulatory collapse, rhabdomyolysis, ischemic colitis, acute psychosis, hyperthermia, respiratory distress syndrome, and pericarditis.

Production efficiency. Production efficiency.
Mechanism of action of anti-parkinson drugs. (a) Levodopa therapy increases dopamine production; (b) ... Mechanism of action of anti-parkinson drugs. (a) Levodopa therapy increases dopamine production; (b) ...
Forest products and the economic value Forest products and the economic value
British Iron Production, 1600–1870 British Iron Production, 1600–1870
economic question (having trouble) economic question (having trouble)
Economic question 5 Economic question 5
Video: Dendrite Animation

For a complete list of videos, visit our video library