Consider the market for land in Rittenhouse Square, a small section of Philadelphia known for its cafes and shopping, as compared to the market for land in central Pennsylvania, where land is used mainly for growing agricultural goods.   Because the supply of land in Rittenhouse Square is _____ , buyers in Rittenhouse Square pay _____ for use of the land.   The rental price of land is much higher in Rittenhouse Square than in less densely populated areas like central Pennsylvania. One possible explanation for this rent difference is that highly productive land is in high ______ .   Some entrepreneurs decide to build parking lots in Rittenhouse Square. The supply curve for land to be used for parking lots is _____ .

Microeconomics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN:9781305506893
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Chapter14: Investment, The Capital Market, And The Wealth Of Nations
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Consider the market for land in Rittenhouse Square, a small section of Philadelphia known for its cafes and shopping, as compared to the market for land in central Pennsylvania, where land is used mainly for growing agricultural goods.
 
Because the supply of land in Rittenhouse Square is _____ , buyers in Rittenhouse Square pay _____ for use of the land.
 
The rental price of land is much higher in Rittenhouse Square than in less densely populated areas like central Pennsylvania. One possible explanation for this rent difference is that highly productive land is in high ______ .
 
Some entrepreneurs decide to build parking lots in Rittenhouse Square. The supply curve for land to be used for parking lots is _____ .
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