Examlex
Several years ago, Logan purchased extra grazing land for his ranch at a cost of $240,000. In 2017, the land is condemned by the state for development as a highway maintenance depot. Under the condemnation award, Logan receives $600,000 for the land. Within the same year, he replaces the property with other grazing land. What is Logan's tax situation if the replacement land cost:
a.$210,000?
b.$360,000?
c.$630,000?
d.Why?
Kinked-Demand Curve
A demand curve that has a flatter slope above the current price than below the current price. Applies to a noncollusive oligopoly firm if its rivals will match any price decrease but ignore any price increase.
Elastic Demand
A situation where the quantity demanded of a good or service changes significantly due to a change in its price.
Marginal Revenue Curve
A curve that shows the change in total revenue resulting from selling one additional unit of a product or service.
Standardized Product
Products that are uniform in quality and features, offering no significant difference from the same products offered by other sellers.
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