Related to the Economics in Practice on page 221: Because land is demand determined, an acre of land in downtown San Francisco, California ________ an acre of land in downtown Knoxville, Tennessee.
A) would most likely cost more than
B) would most likely cost less than
C) should cost approximately the same as
D) would cost exactly the same as

Question

Quizplus · Accepted Answer

Land value is significantly influenced by its location and the demand for that location. Downtown San Francisco, being a highly sought-after area with limited space and high demand, would likely have much higher land costs compared to downtown Knoxville, Tennessee, where demand might be lower.

Related to the Economics in Practice on Page 221: Because