-Refer to the figures above to answer this question.Figure ________ represents the market for ________ because its supply is ________.
A) A; land; perfectly inelastic because the quantity of land is fixed
B) A; a nonrenewable resource; inelastic because reserves can always be discovered
C) B; land; inelastic given only a limited amount of land is available
D) B; a nonrenewable resource; demand changes as the economy changes
E) B; land; elastic as predicted by the Hotelling Principle

Question

-Refer to the figures above to answer this question.Figure ________ represents the market for ________ because its supply is ________.
A) A; land; perfectly inelastic because the quantity of land is fixed 
B) A; a nonrenewable resource; inelastic because reserves can always be discovered 
C) B; land; inelastic given only a limited amount of land is available 
D) B; a nonrenewable resource; demand changes as the economy changes 
E) B; land; elastic as predicted by the Hotelling Principle

Quizplus · Accepted Answer

Figure A represents the market for land because its supply is perfectly inelastic due to the fixed quantity of land.

-Refer to the Figures Above to Answer This Question