B. Mark each of the following statements about the supply of land TRUE or FALSE. (3 points) In the long run the supply of land has a very low elasticity but not zero elasticity. In the short run, the supply curve for land is horizontal. "land" refers not only to soil but to minerals, etc., within the soil. 8. Assume the rental rate for apartments in a town are at $6,000 per year, and an apartment building under consideration would have six such apartments. If the rate of interest is 10% per year, what is the value of that apartment building? (2 points) b. If the cost to a real estate developer of constructing such an apartment building Is $500,000, will the developer build it? Why or why not? (2 points) If the rental rate rises to $9,000, will the developer consider building it? Why or why not