Chapter 15 Flashcards
1
Q
A new interchange is being planned for an interstate highway that curves around the western edge of the city. This has been widely publicized and several public hearings were held. The State Transportation Authority has not yet determined the location of this proposed interchange.
At a press conference last week, the State Transportation Authority announced that they have narrowed down the options for the location of the proposed interchange to two intersections with major east-west highways. Since then, the asking prices of four parcels of vacant land near those two intersections were raised by 50%, and one is already in contract.
Which economic principle(s) does this illustrate?
A
Anticipation
change
competition
