Since the amount of land is fixed, the total supply of land is:
A)relatively elastic
B)perfectly elastic
C)perfectly inelastic
D)relatively inelastic

Question

Quizplus · Accepted Answer

The supply of land is considered to be perfectly inelastic because the quantity supplied cannot be changed in response to changes in price. The amount of land available is fixed, so regardless of the price, the supply cannot be increased or decreased.

Since the Amount of Land Is Fixed, the Total Supply