JAMB Economics 2017 Objective — Question 24

Question 24 of 40 from the Joint Admissions and Matriculation Board (JAMB) Economics 2017 Objective paper, with the correct answer and a full explanation.

Which of the factors of production is inelastic?

A. Land and labour
B. Capital
C. Labour
D. LandCorrect

Explanation

Land has a perfectly inelastic supply - its quantity cannot increase no matter how reward (rent) changes.

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