Under competitive conditions, the relative price of a finite resource would be expected to:
a. rise at an increasing rate.
b. rise at a rate equal to the real interest rate.
c. rise at a rate equal to the nominal interest rate.
d. rise at a rate determined by demand conditions.
b
Economics
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The yardstick most often used to compare living standards across nations is
a. average production cost per unit b. sales revenue per month c. utility per capita d. output per capita e. imports per year
Economics
An example of an explicit cost of production is: a. the cost of foregone labor earnings for an entrepreneur
b. the cost of flour for a baker. c. the foregone rent that could have been earned if land owned by a firm was not used as its parking lot. d. provided by none of the above.
Economics