Related to the Economics in Practice on page 221: Because land is demand determined, an acre of land in downtown Harlingen, Texas ________ an acre of land in downtown Chicago, Illinois.
A. would cost exactly the same as
B. would most likely cost less than
C. would most likely cost more than
D. should cost approximately the same as
Answer: B
Economics
You might also like to view...
Suppose the economy is initially in long run equilibrium. Which of the following lead to an increase in price level and a decrease in real GDP in the short run?
A. decrease in health insurance premiums paid by firms raises the cost of employing labor B. increase in govt transfer payments C. increase in the cost of a key input like oil D. sharp fall in stock market prices
Economics
The practice of tying can be used as a means of discriminating in price between two different customers
Indicate whether the statement is true or false
Economics