What is the effect of a decrease in population (perhaps caused by the plague) on the market for land? A decrease in the equilibrium rental price of land. An increase in the marginal product of land. A decrease in the supply of land. An increase in the demand for land.

What is the effect of a decrease in population (perhaps caused by the plague) on the market for land? A decrease in the equilibrium rental price of land. An increase in the marginal product of land. A decrease in the supply of land. An increase in the demand for land.

Microeconomics A Contemporary Intro

10th Edition

ISBN:9781285635101

Author:MCEACHERN

Publisher:MCEACHERN

Chapter11: Resource Markets

Section: Chapter Questions

Problem 4QFR

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Question

What is the effect of a decrease in population (perhaps caused by the plague) on the market for land?
A decrease in the equilibrium rental price of land.
An increase in the marginal product of land.
A decrease in the supply of land.
An increase in the demand for land.

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