2. Economic rent and the market for land Consider the market for land in the Upper West Side of New York City. a welltodo neighborhood alongside Central Park. as compared to the market for land in upstate New York, a mostly rural and less populous area. Because the supply of land in the Upper West Side of New York City is V . buyers in the Upper West Side of New York City pay V for use oftheland. The rental price of land is much higher in the Upper West Side of New York City than in less densely populated areas like upstate New York. One possible explanation for this rent difference is that highly productive land is in high V . Some entrepreneurs decide to build parking lots in the Upper West Side of New York City. The supply curve for land to be used for parking lots is V