Which of the following statements is correct?
A) Economic profits can properly be regarded as the salaries received by the hired managers of corporations.
B) Economic rent is a price paid for productive land resources whose supply is perfectly inelastic.
C) Economic profits would be nonexistent in a dynamic, purely competitive economy.
D) Economic, or pure, profit is the minimum return that entrepreneurs must receive to continue in a particular line of production.
Correct Answer:
Verified
Q66: Q67: Landowners will not receive any rent so Q68: The total supply of land is Q69: The incentive function of prices Q70: If the interest rate is 11 percent, Q72: For all practical purposes, the supply of Q73: In year 1 the price level is Q74: Economic rent, or pure rent, is Q75: Suppose you deposit $3,000 in a bank Q76: Economic rent refers to the price paid
A)upsloping.
B)perfectly elastic.
C)perfectly
A)indicates that price
A)a payment
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