Answer:
The quantity of some goods or productive factors is totally fixed, whatever their price, for example, there is only one Mona Lisa from Da Vinci.
Explanation:
Nature's original endowment of land can also be considered fixed. A rise in the price offered for land cannot create yet another corner at the junction of 57th Street with Fifth Avenue in New York City. A rise in the pay of famous athletes is unlikely to alter their effort. When the quantity supplied is constant at all prices, what is paid to use such a factor of production is called economic rent or pure economic rent.
When supply is independent of price, the supply curve is vertical in the relevant interval. The land continues to contribute to production regardless of its price. The increase in demand for a fixed factor only affects the price. The quantity supplied does not vary and the rise in price is exactly the same as the upward shift in demand.
When a tax is applied to a fixed good or service, it is paid entirely by (or "transferred" to) the supplier (for example, by the landowner), who absorbs it in its entirety, losing part of its economic income. The consumer buys exactly the same amount as before the good or service without costing mor
