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If society is concerned about a reduction in the amount of the resource
available in the future, further steps may be required to preserve it. For
example, if trees are being cut down faster than they are being replenished
in a particular location, such as the Amazon in Brazil, a desire to maintain
biological diversity might lead to conservation efforts.

Economic Rent and The Market for Land
We turn finally to the case of land that is used solely for the space it affords
for other activities—parks, buildings, golf courses, and so forth. We shall
assume that the carrying capacity of such land equals its quantity.
Figure 13.12 The Market for Land

The price of a one-acre parcel of land is determined by the intersection
of a vertical supply curve and the demand curve for the parcel. The
sum paid for the parcel, shown by the shaded area, is economic rent.
The supply of land is a vertical line. The quantity of land in a particular
location is fixed. Suppose, for example, that the price of a one-acre parcel
Attributed to Libby Rittenberg and Timothy Tregarthen
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