Asked by
ieyra bulkia
on Dec 12, 2024Verified
As the price of land decreases along its demand curve, the relative price of land
A) increases because the prices of other resources have also decreased.
B) decreases because the prices of other resources have also decreased.
C) increases because the prices of other resources have increased.
D) decreases because the prices of other resources are held constant.
E) remains constant because the prices of other resources also increase.
Relative Price
The price of one good or service compared to another, essentially reflecting its cost in terms of other goods and services.
Demand Curve
A graphical representation that shows the relationship between the price of a good or service and the quantity that consumers are willing and able to purchase at various prices.
Price of Land
The monetary value assigned to a piece of land based on its characteristics, demand, and supply conditions.
- Assess how variations in price influence the requirement for resources.
Verified Answer
LG
Learning Objectives
- Assess how variations in price influence the requirement for resources.