When demand is perfectly elastic, marginal revenue is

Total utility describes

A) the benefit gained from all consumption. B) an increase in consumption multiplied by the gain in utility. C) total consumption multiplied by marginal utility. D) total consumption divided by marginal utility.

The term "economic rent" refers to payments

A) to owners of real estate. B) for the use of any resource above its opportunity cost. C) equal to the opportunity cost of the use of land. D) for the use of housing in company owned properties.