Which of the following is not a valid criticism of Fogel’s (1964) meth

Which of the following is not a valid criticism of Fogel’s (1964) methodology in his study of railroads?

(a) The canal prices used for 1890 were low.
(b) The impact of railroads on financial markets is ignored.
(c) The nonpecuniary gains from using railroads could have been considered.
(d) The amount of land cultivated would have been reduced.

ANSWER

(d)