David Ricardo's assumption for economic rents for land was based on
A. the supply of land being a fixed quantity.
B. total government control of land.
C. a shortage of land.
D. a surplus of land.
Answer: A
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Anna's Antiques expects to get three bidders for the unique china teacup it sells. Each of the bidders can either have a high-value of $100 or a low-value of $70 with equal probability. If three bidders show up at the auction and all of them are high-value bidders, what would the winning bid be?
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