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.
the amount of land is fixed, the total supply of land
is_____________
A: relatively
elastic.
B: perfectly
elastic.
C: perfectly
inelastic.
D: relatively
inelastic.
举一反三
- A vertical supply curve may be described as: A: relatively price elastic. B: perfectly price inelastic. C: relatively price inelastic. D: perfectly price elastic. E: none of the above are accurate descriptions.
- An increase in price causes an increase in total revenue when: () A: demand<br/>is elastic. B: demand<br/>is inelastic. C: demand<br/>is unit elastic. D: All<br/>of the above are possible.
- If the price of a commodity changes by 3% and the quantity supplied<br/>changes by 2%, the supply of the commodity ( ) A: inelastic B: elastic C: unit elastic D: completely inelastic
- If the supply of land were perfectly inelastic, a tax on land would be paid:
- A tax imposed on a market with an inelastic demand and an elastic supply will cause() A: sellers to pay the<br/>majority of the tax. B: buyers to pay the<br/>majority of the tax. C: the tax burden to<br/>be equally divided between buyers and sellers. D: the tax burden to<br/>be divided, but it cannot be determined how.