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Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383

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BuyFindarrow_forward

Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383
Textbook Problem

In what ways are a baseball star who can do nothing but play baseball and a parcel of land similar?

To determine

Identify the similarity between a baseball star and a parcel of land. 

Explanation

There are different ways of addressing the similarity between a baseball star and a parcel of land. Some of them are listed below:

  • Zero opportunity cost: The opportunity cost of a baseball star and a parcel of land can be considered zero. This means that at a time, both can be used only for one purpose. Therefore, any payment for a baseball star and a parcel of land are pure economic rent...

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