The rent (on land) is determined entirely by demand because the supply of land is Rent is entirely determined bye demand because Supply of land is perfectly inelastic.
The fine actual-world example of flawlessly inelastic supply is land, given that providers can handiest sell what they can not create more, regardless of the price, although a higher rate would result in greater landowners to sell.
The rate elasticity of supply trade in amount supplied / % trade in charge. when calculating the fee elasticity of supply, economists decide whether or not the quantity provided of a great is elastic or inelastic
Price elasticity of deliver measures the responsiveness of amount provided to a change in charge. it is essential for a company to recognise how quickly, and successfully, it is able to respond to converting marketplace situations, specially to charge changes.
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The rent (on land) is determined entirely by demand because the supply of land is ________________________. group of answer choice
a. Supply of land is perfectly elastic.
b.Supply of land is perfectly inelastic.
c. .Supply of land is bath elestic and inelastc
d. all the above
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