A Change in Rent Will Be Brought About by a Change

question 153

Multiple Choice

A change in rent will be brought about by a change in

• A)the supply of land.
• B)the demand for land.
• C)both the supply of and the demand for land.
• D)neither the supply of nor the demand for land.

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Definitions:

Demand

The quantity of a product or service that consumers are willing and able to purchase at various prices during a given period.

Monopolist

A single seller in a market who has significant control over the price and supply of a unique product or service.

Barriers to Entry

Obstacles involving economic, process-related, or legal factors that deter the entry of new firms into a specific industry or business field.

Government-Created Monopoly

A market situation where a government grants exclusive rights to a single entity to provide a particular good or service, limiting competition.