05 Jun Question Economic rent represents
Question
Economic rent represents
A loss to society since resource owners do not earn it
the difference between marginal revenue product and marginal resources cost
a loss to resource owners who earn less than the market value of the resource
any resource earnings less than that resource’s opportunit cost
any resource earnings greater than that resource’s opportunity cost
Suppose that with two fro-yo machines, 12 workers produce eight quarts of fro-yo. If the marginal product of the thirteenth worker is two quarts. then
thirteen workers produce ten quarts
thirteen workers produce two quarts
the thirteenth worker alone produces ten quarts
the law of diminishing returns cannot be operating in this example
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