Refer to Scenario 11.1. Suppose Mariana purchases the needed land from Abe, Ben, Cat, and Don for the value she calculated the land to be worth, but Eva refuses to sell the land for the same price as the other 4 ranchers
What is the maximum amount Mariana would be willing to pay Eva for her land and still be willing to build the railway? A) $400,000
B) $1 million
C) $1.4 million
D) $3 million
C
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The marginal rate of transformation of y for x represents
A) the slope of the budget constraint. B) the rate at which the consumer must give up y to get one more x. C) -Px/Py. D) All of the above.
Quantitative forecasting that projects past data without explaining the reasons for future trends is called
A) scientific forecasting. B) dumb forecasting. C) empirical forecasting. D) naïve forecasting.
Free markets produce allocatively efficient outcomes and have no flaws
a. True b. False Indicate whether the statement is true or false
On the graph, label the shutdown and break-even points.
