Asked by Suzette Miranda on Apr 29, 2024
Verified
The _______ land is perfectly _______.
A) demand for;elastic
B) demand for;inelastic
C) supply of;elastic
D) supply of;inelastic
Supply
The total amount of a product or service that is available for purchase at any given price.
Inelastic
Describes a situation where the demand or supply of a good or service is unaffected by changes in price.
Demand
Demand is the desire and ability of consumers to purchase goods or services at a given price within a specific time frame.
- Comprehend the influence of supply and demand on the utilization of land and rental values.
Verified Answer
ZK
Zybrea KnightMay 04, 2024
Final Answer :
D
Explanation :
The presence of "perfectly" suggests that the term being used should be "inelastic" or "perfectly inelastic", which describes a situation where changes in supply have no effect on demand or vice versa. Therefore, the correct answer is D, which describes an inelastic supply of land.
Learning Objectives
- Comprehend the influence of supply and demand on the utilization of land and rental values.