Asked by tabatha nieves on May 14, 2024
Verified
For all practical purposes,the supply of land is:
A) almost perfectly inelastic.
B) negatively sloped.
C) relatively elastic.
D) perfectly elastic.
Supply of Land
The total availability of land resources that can be used for various purposes, often considered perfectly inelastic.
Perfectly Inelastic
A situation where the quantity demanded or supplied of a good does not change in response to a change in price.
Relatively Elastic
Describes a situation where the demand for a product is sensitive to changes in price, meaning a small price change can lead to a large change in quantity demanded.
- Analyze the supply and demand dynamics of land as a resource.
- Elucidate the characteristics and economics of land as a fixed supply resource.
Verified Answer
DW
Deloris WilliamsMay 16, 2024
Final Answer :
A
Explanation :
Land is a fixed resource, meaning its quantity cannot be altered in the short run. Therefore, the supply of land is almost perfectly inelastic.
Learning Objectives
- Analyze the supply and demand dynamics of land as a resource.
- Elucidate the characteristics and economics of land as a fixed supply resource.