The value of land is determined in part by what firms and households are willing to pay for it.
Answer the following statement true (T) or false (F)
False
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A study by Price Fishback and Shawn Kantor of the University of Arizona shows that after the passage of workers' compensation laws, wages received by workers in the coal and lumber industries fell
Source: Price V. Fishback and Shawn Everett Kantor, "Did Workers Pay for the Passage of Workers' Compensation Laws?" Quarterly Journal of Economics, Vol. 100, No. 3, August 1995
Assume that a firm has $100 million in real assets and $90 in real liabilities. If the price level rise by ten percent, the real value of its assets would ________
A) fall B) rise C) change, but more information must be provided to determine their exact movement D) remain unchanged
A change that decreases the expected profit from holding a unit of product in inventory, ________ the expected marginal revenue curve and ________ the profit-maximizing quantity to hold in inventory.
A) decreases; increases B) increases; decreases C) decreases; decreases D) increases; increases
The decreasing portion of a firm's long-run average cost curve is attributable to
a. diminishing returns to scale b. increasing marginal cost c. economies of scale d. diseconomies of scale e. constant returns to scale