Which Statement Is False

question 6

Multiple Choice

Which statement is false?

• A)The supply curve for land is perfectly inelastic.
• B)Rent is set by supply and demand.
• C)The demand for rent is the MRP schedule of the highest bidder for a specific plot of land.
• D)An increase in the demand for land increases both the price and quantity of lanD.

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Definitions:

Developed Nations

Countries with advanced industrial infrastructure and high living standards.

Gross Domestic Product

The total monetary value of all goods and services produced within a country's borders in a specific time period, serving as a broad measure of economic activity.

Productive Activity

Actions or processes that result in the creation of goods or services which have economic value.

Manufacturing Sector

The segment of the economy that is engaged in the transformation of raw materials into finished products or goods.