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 Saylor URL: http://www.saylor.org/books/ Saylor.org 720