To an individual firm or landowner, land rents do not appear to be a surplus because:
A. Land is a productive resource, like the other resources
B. A given parcel of land has alternative uses, and rent represents a real cost of production
C. They do not understand that the supply of land, in total, is perfectly inelastic
D. Landowners are, politically and economically, a powerful and well organized group
B. A given parcel of land has alternative uses, and rent represents a real cost of production
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David earned a salary of $43,500 in 1994 and $89,000 in 2010 . The consumer price index was 148.2 in 1994 and 215.3 in 2010 . David's 1994 salary in 2010 dollars is
a. $43,849.05 b. $61,263.43 c. $63,195.34 d. $93,655.50
Frequently, a public good can be adequately provided by private action when its benefits are
a. concentrated among a small number of people. b. equally valued by everyone. c. widespread. d. greater than its costs.