Which Statement Is False

question 124

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:

Slave Trade

The historical trade of enslaved individuals, primarily from Africa to the Americas, from the 16th to the 19th centuries.

Carolina

Refers collectively or individually to the U.S. states of North Carolina and South Carolina, known for their historical significance in early American history.

New England Colonists

Early European settlers in the northeastern part of the United States, particularly noted for their role in establishing some of the first successful British colonies.

England

A country that is part of the United Kingdom, situated on the island of Great Britain.