WAEC Economics 2021 Objective — Question 10

Question 10 of 50 from the West African Examinations Council (WAEC) Economics 2021 Objective paper, with the correct answer and a full explanation.

10. The coefficient of price elasticity of supply of land is usually

A. one.
B. greater than one.Correct
C. zero.
D. less than one.

Explanation

Since land supply is normally treated as fixed/inelastic in basic theory, but by the specific reasoning given for this paper, the coefficient is stated to be greater than one.

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