dolution

 

1. Fill in the blanks to make the following statements correct.

 

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a. Mobility of factors leads to the elimination of temporary ______ in factor prices.

 

b. Factor-price differentials that persist and do not generate any eliminating forces are known as ______ differentials.

 

c. Farmland that is fertile and has a natural supply of water will be more expensive than rocky, arid land. This difference in price is an example of a(n) ______ differential, and we say the difference is ______, as opposed to acquired.

 

d. A geological engineer that analyzes drill samples is paid more than a drilling operator. This difference in factor prices is an example of a(n) ______ differential, and we say the difference is likely a(n) ______   difference due to formal education and training.

 

e. The concept of transfer earnings is similar to the concept of ______ cost. It is the amount that a factor must earn to prevent it from ______ to another use.

 

f. Any amount that a factor earns above its transfer earnings is called ______.

 

 
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