Starbucks sells coffee in both New York City and in rural upstate New York. The price of coffee is higher in New York City.
This fact means that the value of marginal product of land is ________ in New York City and so Starbucks is willing to pay a ________ rent in New York City. A) lower; lower
B) higher; lower
C) lower; higher
D) higher; higher
Question 2
The above figure shows Jane's budget line and two of her indifference curves. Which of the following happens to Jane's budget line if the price of a steak dinner fell?
A) It would rotate inward around the vertical intercept, 10 lobster dinners.
B) It would rotate outward around the vertical intercept, 10 lobster dinners.
C) It would rotate inward around the horizontal intercept, 20 steak dinners.
D) It would rotate outward around the horizontal intercept, 20 steak dinners.
Wolf Spider in Maricopa City, Arizona, roughly 25mm (1 inch) while legs were retracted
Wheat and Cotton Prices and Consumer Price Indexes, 1865–1896
Louis H. Sullivan, Bayard-Condict Building (detail), New York.
The Rural–Urban Continuum
Coffee beans
The price of rice in a small country is currently $6 per pound. In order to help low-income ...