The market value of downtown real estate is most basically determined by the
A) assessment of the taxing authorities.
B) market value of the building already on a particular plot of land.
C) use to which it is currently being put.
D) uses to which people would like to put it if given a chance.
E) whatever it costs to convert the land to its next best use.
D
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Aggregate producer surplus in an industry can be measured along the market supply curve in the short run but not in the long run.
Answer the following statement true (T) or false (F)
In the simplest Keynesian model, planned investment is assumed to be
a. positively related to income. b. negatively related to income. c. constant. d. absent.
There are four basic types of market structure
a. True b. False Indicate whether the statement is true or false
If the price elasticity of demand for pineapples is greater than 1, an increase in pineapple prices will
A) raise total revenue. B) lower total revenue. C) not affect total revenue. D) either raise or lower total revenue, but it is impossible to determine which.