Maharashtra State BoardHSC Commerce 12th Board Exam
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Give Reason Or Explain: the Supply of Land is Inelastic. - Economics

Short Note

Give reason or explain:

The supply of land is inelastic.

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Solution

The supply of land is inelastic which means that it is less responsive to the changes in its price. This is because of its limited availability. Thus, even when the price of the land increases, its supply cannot be increased.

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Micheal Vaz Economics HSC 12th Standard Maharashtra State Board
Chapter 7 Factors of Production
Exercise | Q 2.3 | Page 60
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