When using a supply-and-demand model to illustrate how land rents are set, economists typically draw the supply curve as a vertical line because:
a. The supply of land is fixed.
b. The supply of land is perfectly inelastic.
c. The quantity supplied of land does not increase when rents go up.
d. All of the above.
2. In the 1980s land prices in Japan surged upward in a “speculative bubble.” Land prices then fell for 11 straight years between 1990 and 2001. What can we safely assume happened to land rent in Japan over those 11 years? Use graphical analysis to illustrate your answer.
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