Multiple Choice
Between 1988 and 1989, the price of retail space in Ginza, Tokyo's premier commercial and entertainment center, rose from $400 to $625 per square foot.This was the result of an increase in demand in the face of a perfectly inelastic supply curve for retail space.Economists call this
A) monopoly profit.
B) economic rent.
C) usury.
D) marginal revenue product.
Correct Answer:
Verified
Correct Answer:
Verified
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