Which of the following best describes the hedonic pricing approach to valuing agricultural lands? Question 3Answer a. A purchaser of agricultural land is regarded as a consumer, in which case, the product is the land under agricultural use. b. Agricultural land, as a factor of production, produces a net return on investment that can be capitalized into a net present value. c. Agricultural land, as a factor of production, can be treated like goods and services whose price is determined by demand and supply. d. The price that a purchaser is willing to pay for agricultural land is a function of a set of characteristics affecting the land