Suppose that the available quantity of a certain type of farmland is 400,000 acres, and the demand for this land is given in the table. If landowners were taxed at a rate of $150 per acre for their land, what would be the economic rent on this land after taxes, and how many acres would be rented?
A) $50 and 400,000 acres
B) $400 and 50,000 acres
C) $150 and 400,000 acres
D) $250 and 50,000 acres
Correct Answer:
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Q114: Q115: The aggregate economic rent received by a Q116: Which of the following resource payments is Q117: In Progress and Poverty (1879), Henry George Q118: David Ricardo, a nineteenth-century economist, wrote, "The Q120: If the payment to an input is Q121: Suppose that interest payments are $140 per Q122: The pure rate of interest in economic Q123: Other things equal, the interest rate on Q124: Interest is the
A)price paid for the use
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