Question 1
The price of a good will be ________ determined if the ________ of the good is perfectly inelastic.
◦ demand; demand
◦ supply; supply
◦ supply; supply or demand
◦ demand; supply
Question 2
The return to any factor of production that is in ________ is pure rent.
◦ variable supply
◦ fixed supply
◦ fixed demand
◦ variable demand