If Land Becomes Less Valuable in Residential Use Than in Commercial

question 123

Multiple Choice

If land becomes less valuable in residential use than in commercial use

• A) the supply of land available for commercial use should increase and the supply of land for residential use should decrease.
• 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 inelastic and the supply of land for residential use will become perfectly elastic.

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Definitions:

Formal Informal Communication

Describes the two spectrums of communication in organizations; formal communication follows official channels and protocols, whereas informal communication occurs spontaneously and without organizational hierarchy.

Written Rules

Formal regulations or guidelines that are documented and established for governance or conduct.

Democratic Leadership

A leadership style in which members of a group take a more participative role in the decision-making process.

Power And Authority

The capacity to influence or direct people's behavior and the legitimate right to make decisions and enforce obedience.