Factors of production are the most likely to earn economic rent when they:
A. are used by many different firms.
B. are fixed in the short run.
C. have high reservation prices.
D. cannot easily be duplicated.
Answer: D
Economics
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If demand is inelastic, an increase in the price of a good will cause total revenue to:
a. fall. b. remain constant since the decrease in quantity sold is exactly offset by the price increase. c. rise. d. rise if it is a normal good and fall if it is an inferior good.
Economics