Asked by
V3ngeful Emp3ror
on Dec 19, 2024Verified
The demand for land is
A) perfectly elastic.
B) perfectly inelastic.
C) upsloping.
D) downsloping.
Perfectly Elastic
Describes a situation in economics where the quantity demanded or supplied responds infinitely to changes in price.
Down-sloping
A characteristic of certain economic graphs, like demand curves, which indicates that as the price of an item goes down, demand for it increases.
Demand
The quantity of a product or service that consumers are willing and able to purchase at various price levels, holding all other factors constant.
- Understand the elements influencing shifts in land rental rates and land demand.
Verified Answer
GP
Learning Objectives
- Understand the elements influencing shifts in land rental rates and land demand.