In the market for land as a resource, the demand curve is elastic while the supply curve is perfectly inelastic. Identify the underlying assumption

a. There are limited ways in which land can be used as a resource.
b. Land as an input has large number of substitutes.
c. There is a fixed supply of land.
d. Land includes all immovable assets.
e. The productivity of land improves over time.

c

Economics

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