When using supply and demand model

Assignment Help Business Economics

Reference no: EM131098669

When using a supply and demand model to illustarte how land rents are set, economists typically draw the supply curve as a vertical line because

a. the supply of land is fixed (this is correct?)

b. the supply of land is perfectly inelastic

c. the quantity of land supplied does not increase when rents go up

Reference no: EM131098669

Questions Cloud

Question regarding the small-office servers : Most businesses today, regardless of size, use some sort of file-sharing server. Some are insourced and others are outsourced. XYZ Inc. has a small office with eighty users in California. The office employs a file-and-print server that caters to u..

Calculate the price elasticity of demand and interpret : If a 10 percent increase in price decreases the quantity demanded by 12 percent, the price elasticity of demand is. The price of strawberries falls from $1.50 to $1.00 per carton and the quantity demanded goes from 100,000 to 200,000 cartons. Calcula..

When either the costs of production : When either the costs of production or the benefits of consumption to individuals differ from those of society:

Xtremely fast service inc : (XTremely Fast Service Inc.) XTremely Fast Service Inc. is a call center with several business units. One of its business units, Fabulous 4, currently staffs four operators who work eight hours per day Monday through Friday.

When using supply and demand model : When using a supply and demand model to illustarte how land rents are set, economists typically draw the supply curve as a vertical line because

Foreign-currency exchange market downward sloping : In an open economy, why is the demand curve in the foreign-currency exchange market downward sloping?

Exclusive dealing and minimum resale price maintenance : In each of the following situations, the firm might possibly be accused of a restrictive practice: exclusive dealing, minimum resale price maintenance, tie-in sales, or predatory pricing. In each case, identify which restrictive practice might apply,..

Financial markets on the advice of financial analyst : The efficient market hypothesis suggests that allocating your funds in the financial markets on the advice of a financial analyst

What is integrated marketing communications : Marketing communications has evolved significantly in the past some years. There are so many different ways to communicate from PR to Lead Generation, Advertising to Direct Mail. At times, the types of communications to end users, leveraging various ..

User Account

All Pages