Which of the Following Statements Is True

question 180

Multiple Choice

Which of the following statements is true?

• A)The supply curve for land is upward sloping in the short run, but is perfectly inelastic in the long run.
• B)The supply curve for land is upward sloping in the short run, but is perfectly elastic in the long run.
• C)The supply curve for land is upward sloping when considering a small portion of the total amount of land, but is perfectly inelastic when considering the total amount.
• D)The supply curve for land is upward sloping when considering the total amount of land, but is perfectly inelastic when considering a small portion of the total amount.

---

Definitions:

Fair Value Method

An accounting approach where assets and liabilities are valued based on current market prices.

Reported Net Income

The total earnings of a company after all expenses and taxes have been deducted from revenue, as presented in financial statements.

Dividends

Payments made by a corporation to its shareholder members, distributing a portion of the company's earnings as decided by the board of directors.

Fair Value Method

An accounting approach wherein assets and liabilities are priced at their current market value to provide a more accurate valuation on financial statements.