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que ( 1 ) A firm has a tract of timber. The future growth rate of the trees and the price of lumber are uncertain.
que
A firm has a tract of timber. The future growth rate of the trees and the price of lumber are uncertain. The firm:
Multiple Choice
:
has an option to vary the production technology.
has an expansion option.
should harvest the timber immediately if NPV is positive.
has a timing option.
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