WAEC Economics 2018 Objective — Question 11
Question 11 of 50 from the West African Examinations Council (WAEC) Economics 2018 Objective paper, with the correct answer and a full explanation.
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Which of the following is true about supply of land? It
- A. is higher in the urban than rural areas
- B. varies with time
- C. rises with demand
- D. is fixedCorrect
Explanation
One of the key features of land as a factor of production is that its total supply is fixed (perfectly inelastic).
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