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Q.

Choose given statement is true/false.

The land is fixed in quantity. It is said that land has no supply price, i.e. the price may be high or low, supply of land remains the same.

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a

True

b

False

answer is A.

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Detailed Solution

The Above Statement is True.
The land is a passive factor of production, i.e. it needs other Factors of production, especially Labour, to be used. There is no supply price of land, and it is a gift from nature. It is a fixed factor of production, which means it is available in a fixed amount. No workforce can alter this. An increase in demand cannot lead to an increase in the supply of land, or we can say that the supply of land is perfectly inelastic.

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