If Land Becomes More Valuable in Residential Use Than in Commercial

question 162

Multiple Choice

If land becomes more valuable in residential use than in commercial use,

• A) the supply of land available for commercial use should decrease and the supply of land for residential use should increase.
• B) there can be no change in the allocation of land because land is fixed in supply.
• C) there will be no change in the allocation of land, as there is no responsiveness to price changes by suppliers of land.
• D) the supply of land for commercial use will become perfectly elastic, and the supply of land for residential use will become perfectly inelastic.

Identify the characteristics of successful entrepreneurs and entrepreneurial educators.

Understand the importance of a long-term perspective and adaptability in entrepreneurship.

Analyze the role of entrepreneurship in social and economic equality.

Understand the contributions of entrepreneurs to philanthropy.

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Definitions:

Patent

A government-granted exclusive right for an inventor to manufacture, use, or sell an invention for a certain number of years.

Trademark

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Intangible Property

Refers to non-physical assets such as intellectual property, copyrights, and trademarks.

Physical Existence

The state of having a real, tangible presence in the physical world.