Land

question 41

Multiple Choice

Land

• A) is a nonrenewable resource.
• B) has an elastic supply but not perfectly elastic.
• C) is the only factor of production that is not traded in a market.
• D) has a perfectly inelastic supply.
• E) has a perfectly elastic supply.

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Definitions:

Utility Maximization

The concept in economics that individuals or households will attempt to get the greatest satisfaction possible from their available resources.

Professional Hockey

Professional hockey encompasses the teams, players, and activities related to the sport of hockey played at the highest level of skill, often as a career, including leagues such as the National Hockey League (NHL).

Consumer Equilibrium

The point at which the quantity of goods purchased by a consumer, given their income and prices of goods, maximizes their utility.

Total Utility

Total utility is the total satisfaction or pleasure a person derives from consuming a particular quantity of goods and services.