David Ricardo, a nineteenth-century economist, wrote, "The price of corn is high not because a rentis paid, but a rent is paid because the price of the corn is high." Which of the following correctlyexplains Ricardo's assertion?
1. The high rents landowners charge tenant farmers cause high corn prices.
2. If landowners weren't so greedy and lowered the rents they charge tenant farmers, theprice of corn would fall.
3. If the price of corn rises because of increased demand for corn, land rents will rise toabsorb most of the extra revenue received by tenant corn farmers.
4. If the price of corn rises, all other things being equal, increases in rent will cause sometenant farmers to stop growing corn
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