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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