10. The U.S. Government bought 112,000 acres of land in southeastern Colorado in 1968 for $17,500,000. The cost of using this land today exclusively for the reintroduction of the black-tailed prairie dog Group of answer choices Is equal to the original purchase price. Is equal to the market value of the land Is zero, because the land represents a sunk cost Is equal to the total dollar value the land would yield if used for farming and ranching
10. The U.S. Government bought 112,000 acres of land in southeastern Colorado in 1968 for $17,500,000. The cost of using this land today exclusively for the reintroduction of the black-tailed prairie dog Group of answer choices Is equal to the original purchase price. Is equal to the market value of the land Is zero, because the land represents a sunk cost Is equal to the total dollar value the land would yield if used for farming and ranching
Microeconomics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN:9781305506893
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Chapter11: Price-searcher Markets With High Entry Barriers
Section: Chapter Questions
Problem 11CQ
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10. The U.S. Government bought 112,000 acres of land in southeastern Colorado in 1968 for $17,500,000. The cost of using this land today exclusively for the reintroduction of the black-tailed prairie dog
Group of answer choices
Is equal to the original purchase price .
Is equal to the market value of the land
Is zero, because the land represents a sunk cost
Is equal to the total dollar value the land would yield if used for farming and ranching
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