All of the Following Are Common Characteristics of the Hacienda

question 13

Multiple Choice

All of the following are common characteristics of the hacienda except:

• A) laborers had some sort of access to land for self-use
• B) tenants provided tribute payments
• C) high capital investment
• D) low levels of technology

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Definitions:

Consumer Surplus

The divergence between the total price consumers are prepared to pay for a good or service and the actual price paid.

Producer Surplus

The difference between the amount producers are willing to supply a good for and the actual amount received by them when they make the sale.

Consumer Surplus

The divergence between the expected payment by consumers for a product or service and the actual payment made.

Producer Surplus

The difference between the amount producers are willing and able to supply goods for versus the amount they actually receive due to market prices.