When using a supply-and-demand model to illustrate how land rents are set, economists typically draw the supply

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When using a supply-and-demand model to illustrate how land rents are set, economists typically draw the supply curve as a vertical line because:

a. The supply of land is fixed.

b. The supply of land is perfectly inelastic.

c. The quantity supplied of land does not increase when rents go up.

d. All of the above.

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Microeconomics Principles, Problems and Policies

ISBN: 978-1259450242

20th edition

Authors: Campbell R. McConnell, Stanley L. Brue, Sean Masaki Flynn

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Question Posted: Apr 24, 2018 04:29 AM

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When using a supply-and-demand model to illustrate how land rents are set, economists typically draw the supply

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Answer d All of the above The correct answer to this question is all of the above because the th...View the full answer

Microeconomics Principles, Problems and Policies

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