An important feature of land is that it
- has an elastic supply
-
is an active factor of production
- is heterogenous in nature
- is subject to returns to scale
The correct answer is: B
Explanation
Land possesses the following characteristics:
- Free Gift of Nature
- Fixed Quantity
- Land is Permanent
- Land is a Primary Factor of Production
- Land is a Passive Factor of Production
- Land is Immovable
- Land has some Original Indestructible Powers
- Land Differs in Fertility