If the supply price of land is zero, including costs of transporting goods produced on the land to the market, then
a. positive rents are paid for the acres furthest from the market
b. there are no rent-yielding acres
c. the demand for land must be infinitely high
d. population growth must be high
e. landowners will reap higher rents
B
Economics
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Under ________ there are many firms selling identical products
A) perfect competition B) monopolistic competition C) oligopoly D) monopoly
Economics
Suppose a monopolist has TC = 40 + 10Q + Q2, and the demand curve it faces is p = 130 - 2Q. What is the Lerner index of this profit-maximizing monopolist?
A) 0.222 B) 0.35 C) 0.444 D) 0.50
Economics