Which modal of the factor is inelastic?
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Correct Answer: Option D
Explanation:
Land is defined in economics as a free gift of nature. Land does not only include land surface of
the earth but all other free gift of nature or natural resources like forest, mineral resources, rivers,
oceans, atmosphere, etc. unlike other factors of production, the supply of land is limited. In other
words, land is a fixed factor of production, it is inelastic
Land is defined in economics as a free gift of nature. Land does not only include land surface of
the earth but all other free gift of nature or natural resources like forest, mineral resources, rivers,
oceans, atmosphere, etc. unlike other factors of production, the supply of land is limited. In other
words, land is a fixed factor of production, it is inelastic