Suppose that a rare virus infects and kills a significant percentage of the population. Assuming that land and labor are complements in a farming production function, what would happen to the wages earned by workers and the rents earned by landowners?
a. Both wages and rents would increase.
b. Both wages and rents would decrease.
c. Wages would increase, and rents would decrease.
d. Wages would decrease, and rents would increase.
c
Economics
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In early 2012 the price of computer hard disc drives rose. In a demand and supply model, shifts in what curve or curves could have brought about the higher price?
What will be an ideal response?
Economics
The cost that a firm pays in money to hire a resource is referred to as ________ cost
A) a minimized B) a maximized C) an explicit D) an implicit E) a total
Economics