Under an infinitely inelastic supply of land, the economic rents to land ________ if the price of land doubles.

A) increase by less than 100%
B) double
C) increase by more than 100%
D) none of the above

Economic Rents

Payments made to a factor of production in excess of what is needed to keep it in its current use.

Supply Of Land

The total available land that can be used for agriculture, construction, or other purposes, often considered fixed in the short term.

Price Of Land

The monetary value assigned to a piece of land based on its characteristics, location, and the market demand and supply.