Speculation in the sale of public lands
(a) did not occur.
(b) placed land in the hands of capitalists at a price that was not competitive.
(c) proved to be a necessary evil in transferring land from public to private ownership.
(d) was caused by squatters.
(c)
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Refer to Figure 11-8 above to answer the following questions
a. Identify the curves in the diagram. A ________ B ________ C ________ b. What is the numerical value of fixed cost when the quantity of output=10? c. What is the numerical value of variable cost when the quantity of output=10? d. What is the numerical value of total cost when the quantity of output =10? e. What is the numerical value of average fixed cost when the quantity of output =10? f. What is the numerical value of average total cost when the quantity of output =10? g. On the graph identify the area that represents the total variable cost of production when the quantity of output =10. h. On the graph identify the area that represents the fixed cost of production when the quantity of output =10.
According to the kinked demand curve model, if an oligopolistic firm lowers its price, it should expect to see its total revenue:
A) increase. B) stay the same. C) decrease D) cannot be determined without more information.