If the supply of land is perfectly inelastic, then an increase in the demand for land ca by population growth will lead to: a. b. C. d. higher land prices, but no change in the equilibrium quantity of land. lower land prices, but no change in the equilibrium quantity of land. higher land prices and an increase in the equilibrium quantity of land. lower land prices and a decrease in the equilibrium quantity of land.

If the supply of land is perfectly inelastic, then an increase in the demand for land ca by population growth will lead to: a. b. C. d. higher land prices, but no change in the equilibrium quantity of land. lower land prices, but no change in the equilibrium quantity of land. higher land prices and an increase in the equilibrium quantity of land. lower land prices and a decrease in the equilibrium quantity of land.

Economics:

10th Edition

ISBN:9781285859460

Author:BOYES, William

Publisher:BOYES, William

Chapter32: The Land Market And Natural Resources

Section: Chapter Questions

Problem 5E

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