Economic rent is a term economists use to refer to the price paid for land ______.

What is a major cause of negative production externalities associated with the mining and processing of rare earth mineral?

a. Processing of rare earth minerals generates radioactive wastes. b. Rare earth mining is often done in less-developed countries. c. Processing of rare earth minerals is very costly in countries that possess rare earth mineral deposits. d. Processing of rare earth minerals generates air pollutants.

Which of the following occurs when a market is efficient?

A) Producers earn the highest income possible. B) Production costs equal total benefit. C) Consumer surplus equals producer surplus. D) Scarce resources are used to produce the goods and services that people value most highly. E) Every consumer has all of the good or service he or she wants.