Free-Response Question

  1. Question

    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
    On the island of Rockville, the equilibrium quantity of acres of land sold is currently 1,000, and the equilibrium price per acre is $500. Landowners have an elasticity of supply equal to 0. Consumers have an elasticity of demand greater than 1.