The Nifty Gum Co has purchased a large parcel of land for 1 ...

[biggirl4568]

The Nifty Gum Co has purchased a large parcel of land for 1 million. The company recently discovered that the land is contaminated and is worthless to all possible buyers. The opportunity cost of the land is
 
  A) 0.
  B) 1 million.
  C) some amount greater than 0 but less than 1 million.
  D) equal to the cost of the factory that was planned to be built there.

Question 2

A ban on imports, a tariff, or a quota raises the price to domestic consumers. This means that consumers will buy less of the product at a higher price. The loss associated with this is called
 
  A) production associated loss.
  B) productive consumption loss.
  C) consumption distortion loss.
  D) consumer misperception loss.

[potomatos]

Answer to Question 1

A

Answer to Question 2

C

[biggirl4568]

Gracias!

[Missbam101]

Excellent