Farmer Ted owned a worn-out piece of farmland for growing cotton, which he had been unable to rent for years. Suddenly he was getting offers from cotton farmers to lease his land. What is the most likely explanation of this?
a. The price of cotton went down.
b. The physical productivity of the land went up.
c. Taxes on the land went up.
d. The price of cotton went up.
D
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Which of the following statements is true of the Industrial Revolution?
A) It was a gradual process. B) It started in the capital goods industry. C) It was a period of rapid disruption. D) It started in the United States.
Indifference curves cannot ever be concave for two goods
Indicate whether the statement is true or false
The signaling aspect of the market system refer to
A) legal requirements for contracts and exchanges. B) the price of the good to the consumer and producer. C) the voluntary character of the exchange. D) transaction costs of carrying out exchanges.
Refer to the graph shown. Total variable cost of producing Q* is represented by:
A. area 0Q*CD. B. area 0Q*BE. C. area 0Q*AF. D. cannot be determined.