You Read Online That, at Current Rates of Production, the Yearly

question 96

Multiple Choice

You read online that, at current rates of production, the yearly world supply of food is sufficient to feed the projected 2050 population of earth, but that after 2050 there will be massive starvation. This prediction appears to assume that:

• A)the long-run supply of food is perfectly elastic.
• B)the long-run supply of food is perfectly inelastic.
• C)the short-run supply of food is perfectly elastic.
• D)the short-run elasticity of supply of food is greater than long-run elasticity of supply.

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Definitions:

Land Improvements

Upgrades made to land such as landscaping, irrigation systems, and construction of pathways that enhance its value and utility.

Buildings

Structures constructed on land that serve various purposes, such as commercial, residential, or industrial activities, often considered as long-term assets in financial accounting.

Land

A natural resource concerning the solid surface of the earth, which is not subject to depreciation.

Machinery and Equipment

Long-term assets used in the operations of a business, not intended for sale, ranging from production machinery to office equipment.