Which statement is false?

A) The supply curve for land is perfectly inelastic.
B) Rent is set by supply and demand.
C) The demand for rent is the MRP schedule of the highest bidder for a specific plot of land.
D) An increase in the demand for land increases both the price and quantity of lanD.

Supply Curve

A graphical representation showing the relationship between the price of a good and the quantity of the good that suppliers are willing to sell.

Inelastic

Describing a situation in which the demand or supply of a good or service is relatively unresponsive to changes in price.

Demand

The amount of a product or service that customers can and are willing to buy at different price levels over a specified time.