The Supply of Each Particular Block of Land Is

question 36

Multiple Choice

The supply of each particular block of land is

• A) perfectly elastic.
• B) unit elastic.
• C) elastic but not perfectly elastic.
• D) perfectly inelastic.
• E) inelastic but not perfectly inelastic.

---

Definitions:

Elastic Demand

Refers to a situation where the quantity demanded of a good or service significantly changes in response to a change in price.

Inelastic Demand

A situation where the demand for a good or service is not significantly changed by alterations in its price.

Elasticity of Demand

A measure of how much the quantity demanded of a good responds to a change in the price of that good, indicating how sensitive consumers are to price changes.

Price Discrimination

The strategy of selling the same product or service at different prices to different groups of consumers, based on their willingness or ability to pay.