Because the quantity of land cannot be increased easily in the short run, the _____ curve for land is relatively more _____ compared to that of labor.
A) demand; elastic
B) demand; inelastic
C) supply; elastic
D) supply; inelastic

Question

Quizplus · Accepted Answer

The supply curve for land is relatively more inelastic because the quantity of land cannot be easily increased in the short run, making it less responsive to changes in price compared to labor.

Because the Quantity of Land Cannot Be Increased Easily in the Short