
-Refer to the figures above to answer this question. Figure ________ represents the market for ________ because its supply is ________.
A) B; land; elastic as predicted by the Hotelling Principle
B) A; land; perfectly inelastic because the quantity of land is fixed
C) B; a nonrenewable resource; demand changes as the economy changes
D) A; a nonrenewable resource; inelastic because reserves can always be discovered
E) B; land; inelastic given only a limited amount of land is available
Correct Answer:
Verified
Q64: In the market for land, the supply
Q65: Over time, the actual (not expected) price
Q66: Which of the following is a renewable
Q67: The price of coal is currently $80
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