Suppose the Government Designates Certain Areas Within a Community to Be

question 67

Multiple Choice

Suppose the government designates certain areas within a community to be "wetlands," making it illegal to build on the land. What happens to land not classified as "wetlands" within the community? (i)
The price of non-wetland land will rise.(ii)
The marginal product of non-wetland land will fall.
(iii)
The marginal product of non-wetland land will rise.

• A)(i) and (ii) only
• B)(ii) only
• C)(i) and (iii) only
• D)(iii) only

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Definitions:

Supply Manager

A professional responsible for overseeing and managing a company’s procurement of necessary materials and goods to manufacture products or provide services.

Common Law

A legal system characterized by the development of law through judicial decisions and precedents, as opposed to statutory laws enacted by a legislative body.

Purchase of Services

The act of acquiring services rather than physical goods from another party.

Standards of Conduct

A set of guidelines or principles designed to govern behaviors and actions in a professional or organizational environment.