Question 1
Related to the
Economics in Practice on page 217: Because land is demand determined, an acre of land in downtown San Francisco, California ________ an acre of land in downtown Knoxville, Tennessee.
◦ would most likely cost more than
◦ would most likely cost less than
◦ should cost approximately the same as
◦ would cost exactly the same as
Question 2
Because Picasso's painting
Guernica is one-of-a-kind, its price is
◦ demand determined.
◦ supply determined.
◦ inelastic.
◦ independently determined.