The supply of land is
A) perfectly elastic.
B) elastic, but not perfectly elastic.
C) perfectly inelastic.
D) inelastic, but not perfectly inelastic.
C
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Absent any violations of the conditions underlying the first welfare theorem, the competitive market equilibrium is efficient if and only if tastes are quasilinear.
Answer the following statement true (T) or false (F)
U.S. dollar bills
A) are backed by gold. B) are backed by silver. C) are backed by platinum. D) are backed by uranium. E) are not backed by any precious metal.
The Coase theorem states that
A. positive externalities are directly related to the weather-the better the weather, the more positive externalities. B. in the case of trivial or zero transaction costs, negative externalities are more likely to appear. C. when transaction costs are high, positive externalities will be minimized. D. in the case of trivial or zero transaction costs, the property rights assignment does not matter to the resource-allocative outcome.
A disadvantage of options as instruments of performance-related rewards is:
a. that it exposes the executives to market volatility. b. that it increases opportunistic behavior on the part of the employees who expect to earn these incentives. c. that the actual monetary gains from such incentives are usually lower than other performance-related incentives provided by organizations. d. that once an option has been exercised and the executive has sold her shares it will have no continuing effect on her incentives to make better future decisions.