Which of the following statements is correct?
A. Economic profits can properly be regarded as the salaries received by the hired managers
of corporations.
B. Economic rent is a price paid for productive land resources whose supply is perfectly
inelastic.
C. Economic profits would be nonexistent in a dynamic, purely competitive economy.
D. Economic or pure profit is the minimum return that entrepreneurs must receive to continue
in a particular line of production.
Answer: B
You might also like to view...
What influence have globalization and mass media had on Indian music?
What will be an ideal response?
Pompeian wall paintings of the Second Style are characterized by which of the following?
A. fantastic architecture based on the theater B. painted copies of inlaid stonework C. various sections, some painted decoratively, others containing what seems to be painting on the wall D. the wall seemingly opening up into an illusionistic landscape