When differences in land quality and access to marketplaces are very large and population grows rapidly, the conditions are ripe for
a. increasing differential and location rents
b. decreasing differential and location rents
c. decreasing differential rents and increasing location rents
d. increasing differential rents and decreasing location rents
e. marginal physical product of land to increase
A
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In general, the supply curve for a natural resource
A) slopes upward. B) slopes downward to reflect decreasing available quantities over time. C) is horizontal. D) is vertical.
Patents and copyrights are designed to
a. eliminate above-normal profit in the short run b. move monopoly prices closer to prices that would occur under perfect competition c. prevent the capitalization of monopoly profit d. allow a period of above-normal profit to encourage innovation e. limit a monopoly's rent-seeking activities