The last time a recession hit the country of Valtonia, the price of real estate fell significantly. When Craig learns that this country's stock market has crashed, he immediately decides to sell his houses. This is an example of the theory of _____

If we use a narrow definition of monopoly, then a monopoly is defined as a firm

A) that has the largest market share in an industry. B) that can ignore the actions of all other firms because it produces a superior product compared to its rivals' products. C) that can ignore the actions of all other firms because it produces a product for which there are no close substitutes. D) that has been granted special production rights by the government.

If a resource has a perfectly elastic supply curve then its income is termed as:

a. economic rent. b. rental rate of capital. c. rental income. d. annuity. e. transfer earnings.