In a market system, private ownership of land leads to the following results, except:
A. Private owners will face no cost in using land for one purpose rather than another
B. Land rent would reflect the opportunity cost of land
C. Land would be allocated to its best possible uses
D. It would aid economic growth because land rents would reflect changes in tastes and technologies
A. Private owners will face no cost in using land for one purpose rather than another
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If the marginal net utility of beer is negative, the consumer should buy more beer in order to increase the total utility
a. True b. False Indicate whether the statement is true or false
Figure 10-4
Starting from long-run equilibrium at point F in , at which of the following points would short-run equilibrium occur following a drought in the Midwestern states?
a.
I
b.
F
c.
G
d.
H