The total supply of land is
A) upsloping.
B) perfectly elastic.
C) perfectly inelastic.
D) greater in the short run than in the long run.

Name: The total supply of land is A) upsloping. B) perfectly elastic. C) perfectly inelastic. D) greater in the short run than in the long run.
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Question

Quizplus · Accepted Answer

Land is a fixed factor of production, which means its supply is perfectly inelastic. The amount of land in existence cannot be increased or decreased in the short run or the long run.

The Total Supply of Land Is