Asked by Sarah-Cate Parker on May 21, 2024
Verified
The demand for land is:
A) perfectly elastic.
B) perfectly inelastic.
C) upsloping.
D) downsloping.
Demand for Land
The demand for land refers to the desire, backed by purchasing power, for the use of land resources for residential, commercial, or agricultural purposes.
Perfectly Elastic
Describes a situation in which the quantity demanded or supplied changes infinitely with even the smallest change in price.
Perfectly Inelastic
A situation where the demand or supply for a good does not change in response to changes in price.
- Assess the supply and demand forces affecting land as a resource.
Verified Answer
MD
Michele DaltonMay 24, 2024
Final Answer :
D
Explanation :
The demand for land, like the demand for most goods and services, is downsloping. This means that as the price of land decreases, the quantity demanded increases, and vice versa.
Learning Objectives
- Assess the supply and demand forces affecting land as a resource.