Land is the only factor of production whose supply is _____.

more elastic

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perfectly elastic

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perfectly inelastic

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unitary elastic

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Solution

The correct option is C perfectly inelastic
A perfectly inelastic supply curve is a vertical line at a given quantity, which shows a constant supply regardless of price. Land becomes one such factor of production.

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Similar questions

Q. Fill in the blanks with appropriate alternatives given in the bracket.
The supply of land is _______ .
[elastic, perfectly elastic, perfectly inelastic, more elastic]

Q. Draw and briefly explain a perfectly elastic supply curve.

Show with the help of a diagram, the effect on equilibrium price and quantity when:
(i) Demand is perfectly elastic and supply decreases.
(ii) Supply is perfectly inelastic and demand increases.
(iii) The demand curve is perfectly elastic and the supply curve shifts outwards.

Q. Equilibrium price never changes in a situation of perfectly elastic supply, no matter what the demand is. Is it true?

Show, with the help of a diagram, the effect on equilibrium price when demand increases and supply is perfectly elastic.

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Land is the only factor of production whose supply is _____.

The correct option is C perfectly inelasticA perfectly inelastic supply curve is a vertical line at a given quantity, which shows a constant supply regardless of price. Land becomes one such factor of production.

The correct option is C perfectly inelastic
A perfectly inelastic supply curve is a vertical line at a given quantity, which shows a constant supply regardless of price. Land becomes one such factor of production.