Asked by Rachel Tweedy on Apr 27, 2024
Verified
Which statement is false?
A) The most important determinant of the value of an acre of land is its location.
B) The supply of land is virtually fixed.
C) Land is not a resource;only the minerals that are found under it are resources.
D) A firm's demand for land is its marginal revenue product schedule for land.
E) None of the statements is false.
Marginal Revenue Product
The Marginal Revenue Product indicates the additional revenue generated from employing one more unit of a resource, such as labor or capital.
Acre of Land
An Acre of Land is a unit of area measurement used in the U.S. and British Imperial systems, equivalent to 4,840 square yards or about 4,047 square meters.
Determinant
A factor or variable that causes a change in an economic model or equation, influencing outcomes like price or quantity.
- Understand the determinants and implications of land value and supply.
Verified Answer
ZK
Zybrea KnightMay 03, 2024
Final Answer :
C
Explanation :
Land itself can be a resource, as it can be used for agricultural purposes or for building infrastructure. While minerals found under the land can also be considered resources, they are not the only valuable aspect of land.
Learning Objectives
- Understand the determinants and implications of land value and supply.