If a new shopping mall is built on the outskirts of a town, we can expect
a. location rent on commercially developed, downtown land to be unaffected
b. lands near the new mall to receive location rent
c. commercially developed, downtown land rent to rise because competition for downtown lands will have weakened
d. lands near the new mall to receive zero location rent
e. location rent for commercially developed, downtown land to increase
B
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The demand curve is downward sloping because
A) the price must rise to induce firms to increase quantity supplied. B) a reduction in the price of a good causes individuals to increase their purchase of that good. C) an increase in the price will cause a leftward shift in the demand curve. D) all of the above.
Julia prepares tax returns and does bookkeeping. Last year her revenues from the tax and bookkeeping business were $150,000 . and her expenses for the business were $15,000 . When she started her tax and bookkeeping business, Julia gave up her supplemental job doing in-home pet sitting. She used to earn $10,000 per year from pet sitting. Assume that she incurred no costs for her pet sitting
business. Julia's economic profits are a. $160,000. b. $150,000. c. $135,000. d. $125,000.