Economics WAEC

Which of the following is true about the supply of land?

A. its higher in the urban than rural areas
B. varies with time
C. rises with demand
D. is fixed

Correct Answer: Option D

D. is fixed

Explanation

Fixed supply: The total land area of earth (in the sense of the surface area available to men) is fixed. First, supply of land is fixed or inelastic from society’s point of view.

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