Related to the Economics in Practice on page 221: Because land is demand determined, an acre of land in downtown Harlingen, Texas ________ an acre of land in downtown Chicago, Illinois.
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 Chicago, being a major urban center with high demand for land, would likely have much higher land values compared to a less in-demand area like downtown Harlingen, Texas.

Related to the Economics in Practice on Page 221: Because