Which modal of the factor is inelastic - JAMB Economics 2017 Question
Which modal of the factor is inelastic?
A
Wages
B
capital
C
labour
D
land
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Correct Option: D
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
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