Advertisements
Advertisements
Question
Which of the following factors of production has a unique supply curve?
Options
Land
Labour
Capital
Entrepreneur
Solution
Land
Explanation:
- Land has a unique supply curve because its supply is perfectly inelastic. This means that the quantity of land is fixed and does not change regardless of the price. The supply curve for land is typically represented as a vertical line, indicating that no matter how much the price of land increases or decreases, the quantity of land available remains the same.
- The other factors of production, such as labour, capital, and entrepreneurship, have supply curves that are more responsive to changes in price or other economic conditions.
APPEARS IN
RELATED QUESTIONS
Why do small farmers suffer during inflation?
Distinguish between the following.
Land and capital.
Define or explain the following concept:
Land
Fill in the blank with appropriate alternative given below
Land is subject to ___________ returns.
Fill in the blank with appropriate alternative given below
______________ is regarded as primary factor of production.
Fill in the blank with appropriate alternative given below
Land is a free gift of _______________.
The productivity of land is not affected by ______.
Land is a ______ factor of production.
As land cannot produce anything by itself, therefore it is called a ______ factor of production.
Explain the meaning of land as a factor of production.
