When a factor has no value in any alternative use:A.the opportunity cost of using the factor is zero.B.the economic rent the factor earns is zero.C.everything the factor earns is the opportunity cost.D.the economic rent is equal to the opportunity cost.E.None of these.SUBMITarrow_backPREVIOUS

Economic rent is:A.all income earned by any factor owner.B.income earned above a factor's opportunity cost, by any factor owner.C.income earned above a parcel of land's opportunity cost, by any land owner.D.money income earned by any factor owner.E.money income earned by land owners.SUBMITarrow_backPREVIOUS

What is the term for payment received by an owner of a factor of production in excess of the opportunity cost of producing that factor?Multiple choice question.Economic rentEconomic costMarginal costMarginal rent

Economic costs of production Multiple Choiceconsist only of explicit costs.include opportunity costs.never include monetary payments.only include monetary payments.

An opportunity cost is*1 pointA cost common to all alternatives in question and not clearly or practically allocable to any of the alternativesThe profit foregone by selecting one alternative instead of anotherA cost that may be shifted to the future with little or no effect on current operationsThe difference in total costs that results from selecting one alternative instead of another

Consider a good with external costs. Which of the following best describes why the market does not produce an allocatively efficient amount?Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer.aThe marginal benefit to consumers exceeds the marginal private cost of production and the marginal social cost of production.bThe marginal social cost exceeds the marginal social benefit.cThe marginal social benefit exceeds the marginal social cost.dThe marginal private cost of production and the marginal social cost exceed the marginal benefit to consumers.