-The Fact That There Is a Very Limited Amount of Land

question 211

Multiple Choice

-The fact that there is a very limited amount of land in Hong Kong means the supply of new apartments in Hong Kong is

• A) inelastic.
• B) elastic.
• C) unit elastic.
• D) perfectly elastic.
• E) limited by the demand.

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Definitions:

Society's Welfare

The overall well-being and quality of life of the people within a society, including factors like health, happiness, and economic prosperity.

Socially Efficient

A market condition where resources are allocated in a way that maximizes the overall benefit to society.

Monopolist's Supply

The quantity of goods or services a monopolist chooses to produce and sell, influenced by its market power to set prices.

Horizontal

In economics, horizontal can refer to a market situation where there are many competitors in the industry, but they all offer a similar product or service.