Refer to the graph above to answer this question.Suppose that the demand for land is D³ and the market is in equilibrium.What is the equilibrium rent? A)0. B)R¹. C)R². D)R³.

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Quizplus · Accepted Answer

The equilibrium rent is determined by the intersection of the demand and supply curves, which occurs at point P12. At this point, the rent is equal to R².

Refer to the Graph Above to Answer This Question