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

Question

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Answer 1

Question

Chapter 12, Problem 1QP

To determine

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

Expert Solution & Answer

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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Answer 2

Question

Chapter 12, Problem 1QP

To determine

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

Expert Solution & Answer

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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Answer 3

Question

Chapter 12, Problem 1QP

To determine

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

Expert Solution & Answer

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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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Question

Chapter 12, Problem 1QP

To determine

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

Expert Solution & Answer

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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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 12, Problem 1QP

To determine

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

Expert Solution & Answer

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.

Answer 6

Chapter 12, Problem 1QP

To determine

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

Expert Solution & Answer

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.

Answer 7

Chapter 12, Problem 1QP

To determine

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

Answer 8

Expert Solution & Answer

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.