The percentage change in quantity demanded divided by the percentage change in income is the formula for:

Which of the following is true about land rent? a. It is the difference between the payment for using land in production and the cost of such use

b. When the supply curve of land is horizontal, the position of the demand determines rent. c. It is a cost to landowners who rent the use of land. d. When the supply curve of land is vertical, the supply curve determines rent. e. When the supply curve of land is downward sloping, both the demand and supply curves determine rent.

Suppose the wage rate is $5, and the marginal revenue product (MRP) of the seventh worker at a yo-yo factory is also equal to $5. The labor market was originally purely competitive, but is then monopsonized without changing the MRP of the seventh worker. That means:

A. More workers will be hired but they will be paid lower wages B. More workers will be hired and they will be paid higher wages C. Fewer workers will be hired and they will be paid lower wages D. Fewer workers will be hired and they will be paid higher wages