Refer to Figure 23.1. If the company moves from Level II to Level III, then the additional costs are:

What are the three basic economic decisions each household must make?

What will be an ideal response?

One example of Ricardian rent is

a. rent paid to landlords under price controls. b. the difference between the wage of a star baseball player and what he could earn outside of baseball. c. the amount paid to a seller above the equilibrium price of tourist class tickets in order to receive higher quality seats in first class. d. the price rise of wool from a disease among sheep.