Land Rent ($) C 0 D₁ D₂ D₂ Acres of Land Which of the following statements is true of land as shown in the diagram? A. It would be a free resource in the case of all four demand curves. B. It would be an economic (scarce) resource in the case of all four demand curves. C. It will cease to be used in production if demand falls below D4. D. It would be a free resource if demand is D4 or less.

Land Rent ($) C 0 D₁ D₂ D₂ Acres of Land Which of the following statements is true of land as shown in the diagram? A. It would be a free resource in the case of all four demand curves. B. It would be an economic (scarce) resource in the case of all four demand curves. C. It will cease to be used in production if demand falls below D4. D. It would be a free resource if demand is D4 or less.

Economics:

10th Edition

ISBN:9781285859460

Author:BOYES, William

Publisher:BOYES, William

Chapter32: The Land Market And Natural Resources

Section: Chapter Questions

Problem 8E

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