A landlord will supply her land for rental only if in equilibrium
a. she receives economic rent on the land.
b. she is paid at least the opportunity cost of using the land herself.
c. her land is marginal.
d. her rate of return on her investment in the land is zero.
b
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Increasing marginal returns always occurs when the
A) marginal product of an additional worker exceeds the marginal product of the previous worker. B) average product of an additional worker exceeds the average product of the previous worker. C) marginal product of an additional worker is less than the marginal product of the previous worker. D) average product of an additional worker is less than the average product of the previous worker. E) marginal product of an additional worker exceeds the average product of the previous worker.
Which of the following might cause an upward shift of the modern Phillips curve?
A) an increase in oil prices B) an increase in the price of imports C) wage agreements that include compensation for inflation D) all of the above E) none of the above