Rent-seeking behavior refers to
a. the offering of goods on a for-rent rather than for-sale basis.
b. profit maximization by producers.
c. unproductive activity in the pursuit of economic profit.
d. illegal manipulation of prices.
c
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Refer to Figure 2-5. If the economy is currently producing at point X, what is the opportunity cost of moving to point W?
A) 5 million tons of paper B) 3 million tons of steel C) 9 million tons of paper D) 19 million tons of steel
The cross price elasticity of demand between two goods is 50. We may conclude that
A) the two goods are very complementary and probably are sold together. B) the two goods are poor substitutes for each other. C) the demand for one of the goods is likely to be fairly elastic and the demand for the other good is likely to be fairly inelastic. D) the demand for each of the goods is likely to be very elastic.