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.

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Definitions:

Revenues

The total amount of money received by a company for goods sold or services provided during a specific period.

Expenses

Economic costs that a business incurs through its operations to earn revenue.

Trial Balance

A bookkeeping report that lists the balances in each general ledger account at a specific point in time, used to check the accuracy of bookkeeping entries.

Debit Column

The side of an accounting ledger where increases in assets, expenses, and withdrawals are recorded.