Refer to the below information and table. What will be the equilibrium economic rent per acre?
Suppose that the quantity of a certain type of farmland available is 400,000 acres, and the demand for this land is given in the table below.
A. $100
B. $200
C. $300
D. $400
B. $200
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Each seller's opportunity costs are:
A. determined monetarily, which is why they can never be zero. B. determined by a number of factors, none of which is monetary. C. determined by a number of factors, including monetary considerations. D. less than the monetary costs of manufacturing the good or service.
Sally Rand owns a ceiling fan company. She sells 1,000 ceiling fans at $50 each. Each fan costs her $20. She uses her own money to buy the fans; she withdraws the money from her savings account where it earns 5 percent interest. Before going into the ceiling fan business, she worked as a fan-dancer at $25,000 a year. Should Sally remain in business?
What will be an ideal response?
Critics of the North American Free Trade Agreement (NAFTA) feared that it would:
A. increase the flow of illegal Mexican immigrants to the United States. B. cause the European Union and Japan to raise trade barriers against U.S. goods. C. cause a massive loss of U.S. jobs to Mexico. D. increase foreign ownership of assets in the United States.
Consider two countries, Japan and Malaysia. Japan devotes a smaller portion of its production to capital. All other things equal, which of the following statements is most likely true?
A. Malaysia is producing inside its production possibility frontier, whereas Japan is producing at a point on its production possibility frontier. B. Malaysia's production possibility frontier will shift up and out farther and faster than Japan's. C. Japan will move up its production possibility curve faster than Malaysia. D. Japan is a poorer country than Malaysia.