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
D
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In the above figure, the relationship between costs and quantity is negative
A) between point A and point B. B) between point B and point C. C) along the entire curve. D) nowhere along the curve.
(Requires Appendix material) The following are examples of limited dependent variables, with the exception of
A) binary dependent variable. B) log-log specification. C) truncated regression model. D) discrete choice model.