A resource that earns only economic rent
a. cannot be employed in any other line of production, so its opportunity cost is zero
b. is rental payment for a resource that has already been paid for
c. is impossible because all resources have an opportunity cost associated with their use
d. is not fixed in quantity
e. has a perfectly elastic supply curve
A
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The table above shows the total product schedule for Rick's Lawn Service, a yard care company. When the ________ worker is hired, the average product of labor ________ the marginal product of labor
A) 4th; exceeds B) 5th; exceeds C) 6th; exceeds D) 7th; is less than E) 7th; equals
Since the 1970s, the velocity of money has
A. behaved in a predictable fashion. B. behaved in an erratic fashion. C. decreased in value. D. increased in a stable and predictable fashion.