Related to the Economics in Practice on page 217: 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 in downtown Harlingen, Texas is likely to cost less than land in downtown Chicago, Illinois due to the difference in demand for the land in each location. Chicago is a larger and more economically developed city, meaning that demand for land is likely to be higher, driving up the price. Harlingen, on the other hand, is a smaller city with a lower population and economy, leading to lower demand for land and therefore lower prices.

Related to the Economics in Practice on Page 217: Because