What is pure rent?
What will be an ideal response?
Pure rent is the return to any factor of production that is fixed in supply.
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Other things being equal, the increase in rents that occurs after rent controls are abolished is smaller when:
A.rented homes and owned homes are substitutes. B. rented homes and owned homes are complements. C. the own price elasticity of demand for rental homes is price inelastic. D. the own price elasticity of demand for rental homes is price elastic. E. the own price elasticity of demand for rental homes has unitary price elasticity.
Historians are in general agreement that
(a) railroads opened the country and were built at great risk ahead of demand, gambling on the future. (b) railroads sharply cut down transportation costs, linking the country together in all directions and spurring the nation's growth far in advance of anything that might otherwise have been achieved. (c) railroads were the single innovation of the 19th century that created a great leap forward in terms of American economic growth. (d) none of the above are true.