Suppose That the Available Quantity of a Certain Type of Farmland

question 284

Multiple Choice

Suppose that the available quantity of a certain type of farmland is 400,000 acres, and the demand for this land is given in the table. If landowners were taxed at a rate of $150 per acre for their land, what would be the economic rent on this land after taxes, and how many acres would be rented?

• A)$50 and 400,000 acres
• B)$400 and 50,000 acres
• C)$150 and 400,000 acres
• D)$250 and 50,000 acres

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