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You have a plot of land that can be used for farming or for developing a golf course. Your are willing to sell the land

You have a plot of land that can be used for farming or for developing a golf course. Your are willing to sell the land for $400,000 in either case. A developer offers you $1,000,000 for the land. What does the additional $600,000 represent in this case? a. Economic Rent b. Equilibrium Price c. Normal Profit d. Marginal Revenue

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