As a Result of Severe Flooding,a Farmer Loses Half of His

question 2

Multiple Choice

As a result of severe flooding,a farmer loses half of his productive farmland.He should expect to see the marginal productivity of his remaining land

• A) increase.
• B) remain unchanged.
• C) decrease but remain positive.
• D) decrease and become negative.

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Definitions:

Demand for Lumber

The quantity of lumber that buyers are willing and able to purchase at various prices within a certain period.

Relative Price

The price of one good or service compared to another, essentially reflecting its cost in terms of other goods and services.

Demand Curve

A graphical representation that shows the relationship between the price of a good or service and the quantity that consumers are willing and able to purchase at various prices.

Price of Land

The monetary value assigned to a piece of land based on its characteristics, demand, and supply conditions.