Microeconomics: Principles & Policy
14th Edition
ISBN: 9781337794992
Author: William J. Baumol, Alan S. Blinder, John L. Solow
Publisher: Cengage Learning
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Students have asked these similar questions
How does the economist’s use of the term “rent” differ from everyday usage? Explain: “Though rent need not be paid by society to make land available, rental payments are useful in guiding land into the most productive uses.”
State whether the following is true or false
Pure economic rent occurs when the opportunity cost of a resource is zero and there is a positive price for that resources in the market
Which of the following inputs do you think include relatively large economic rents in their earnings?
a. Nuts and bolts
b. Petroleum
c. A champion racehorse
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- Economists Conclude that a tax on the revenues of firms will be shifted in part to consumers of the products of those firms in the form of higher prices. However, they believe that a tax on the rent of land usually cannot be shifted and must be paid entirely by the landlord. What explains the difference?arrow_forwardd. “As a result of the new law, Bruno receives no economic rent”. Is this statement correct or false? Please discuss your answer making reference to the diagram.arrow_forward
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