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JAMB Commerce 2014 Question 5

Question 5

Production

An important feature of land is that, it

  1. A.has an elastic supply.
  2. B.is an active factor of production.
  3. C.is heterogeneous in nature.
  4. D.is subject to returns to scale.
Show the answer and explanation

Answer: C (is heterogeneous in nature.)

Explanation

No two pieces of land are the same in fertility, location or minerals, so land is heterogeneous. Its supply is fixed and it is a passive factor.