The Florida freeze has destroyed 40 of the orange cro
A) Yes. The freeze would not reduce the supply.
B) Yes. The higher price would not reduce the demand.
C) Yes. It assumes the demand curve for oranges is vertical.
D) Yes. It assumes the demand curve for oranges is upward-sloping.
Question 2
A firm will continue to purchase and use land until the:
A) value of marginal product of land equals the price of land.
B) value of average product of land equals the marginal product of land.
C) value of marginal product of land equals the marginal product of labor.
D) value of marginal product of land equals the marginal product of capital.
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