What unit of measurement was used for the vacant commercial lot example?

• A. Dollars per square foot
• B. Dollars per acre
• C. Dollars per cubic yard
• D. Dollars per hectare

Answer: (A)

The value of a vacant urban commercial lot is commonly tied to its area, and the market often quotes that value on a per-unit-area basis. In an urban context, a small lot is typically expressed as price per square foot because it allows precise comparison between similarly sized parcels. Dollars per acre would be more likely for larger, rural parcels, while dollars per cubic yard is a volume measure for materials, not land value. Dollars per hectare is used in some markets outside the U.S. or for international comparisons, but for a small urban lot, dollars per square foot best fits how the land is priced and compared.