Which of the following statements is true?
A) The supply curve for land is upward sloping in the short run, but is perfectly inelastic in the long run.
B) The supply curve for land is upward sloping in the short run, but is perfectly elastic in the long run.
C) The supply curve for land is upward sloping when considering a small portion of the total amount of land, but is perfectly inelastic when considering the total amount.
D) The supply curve for land is upward sloping when considering the total amount of land, but is perfectly inelastic when considering a small portion of the total amount.
Correct Answer:
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Q68: Michelle can work at job A earning
Q69: Exhibit 29-1 Q70: The English economist David Ricardo argued that Q71: Approximately how much money would you need Q72: Michelle can work at job A earning Q74: "Pure economic rent" is a payment Q75: As interest rates decrease, present values _, Q76: Economists generally agree that land rents are Q77: What is the approximate value of a Q78: The difference between artificial rents and real
A)grain
A)in excess
A)price
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