单选题 For which of the following natural resources does the appropriate model indicate that the price is determined by demand rather than by supply?

A. Oil.
B. Old-growth timber.
C. Farm land.

【正确答案】 C

【答案解析】Farm land is a renewable resource and is modeled with inelastic supply per time period so that the equilibrium price is determined by demand. The other two are most appropriately treated as non-renewable resources with perfectly elastic supply at a point in time so that changes in current demand do not affect the equilibrium price.