When does a resource earn only economic rent?
a. When the supply curve of the resource is relatively elastic
b. When the supply curve of the resource is horizontal
c. When the supply curve of the resource is vertical
d. When the supply curve of the resource is relatively inelastic
e. When the supply curve of the resource is backward bending
c
Economics
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If the cross-price elasticity of demand between two goods is positive, then
a. consumers are being irrational b. supply is elastic c. the goods may have similar uses d. the goods may go well together in consumption e. one good must be a necessity
Economics
Make a list of expenditures whose sum equals GDP
Economics