Refer to the Graph Above to Answer This Question

question 94

Multiple Choice

Refer to the graph above to answer this question.Which of the following statements is correct?

• A)If demand is D₁,land is free.
• B)If demand is D₂,rent is R².
• C)If demand is D₃,rent is R³.
• D)If demand is D₁,rent is R¹.

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Definitions:

Technology

The application of scientific knowledge for practical purposes, especially in industry and in the creation of devices or processes that improve efficiency or quality of life.

Growth

A process whereby an economy's capacity to produce goods and services increases over time.

Population Growth

The increase in the number of individuals in a population, often measured as the change in the total number of residents over a specific time period.

Incentives

Factors, monetary or non-monetary, that motivate individuals or entities to perform certain actions or behave in a desired way.