Economics Principles For A Changing World
Economics Principles For A Changing World
4th Edition
ISBN: 9781464186660
Author: CHIANG, Eric P.
Publisher: Worth Publishers,
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Chapter 12, Problem 1QP
To determine

Explain the term ‘land’ and the reason why it is very inelastic in supply.

Expert Solution & Answer
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Explanation of Solution

The term ‘land’ refers to the natural resources, which come from the land, because the quantity of land and natural resources are physically limited in the nature. It is difficult to find and supply more of these resources, and the price is high. Thus, it has very inelastic supply in the market.

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