Microeconomics: Principles, Problems, & Policies, 20th Edition

Published by McGraw-Hill Education
ISBN 10: 0077660811
ISBN 13: 978-0-07766-081-9

Chapter 3 - Demand, Supply, and Market Equilibrium - Appendix - Disscussion Questions - Page 80: 7

Answer

In the given case of land, the supply will be fixed. There will be only a change in prices.

Work Step by Step

In the given case of land, the supply will be fixed. There will be only a change in prices. Any change in demand will lead to a change in price only. For example, let us assume the demand increases: as a result, price will increase.
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