-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:

Cost Function

A mathematical relationship that describes how the costs incurred by a firm change with various levels of output.

Profit-Maximizing

A strategy or approach taken by firms to adjust their production and pricing to achieve the highest possible profit.

Output

The amount of products or services generated by a business, sector, or nation during a specific period.

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