Homework Answers
10.Ans: a ) higher land price prices , but no change in the equilibrium quantity of land.
Explanation:
When supply of land is perfectly inelastic then the elasticity of supply will be equal to zero ( Es = 0 ). It means the supply of land will not change with the change in its price. If demand increases for land by population growth then there will be an upward pressure on its price , but no change in the equilibrium quantity of land.
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