The More Elastic the Supply of a Resource

question 100

Multiple Choice

The more elastic the supply of a resource,

• A)the greater is economic rent as a proportion of total earnings
• B)the greater is opportunity cost as a proportion of total earnings
• C)the fewer alternative uses the resource has
• D)the greater the derived demand for the resource
• E)the lower the derived demand for the resource

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Definitions:

Power Distance

A cultural dimension that describes the extent to which less powerful members of organizations and institutions accept and expect power to be distributed unequally.

Eastern Leaders

Influential figures or heads of state from Eastern countries, often referring to political or economic figures.

Western Leaders

Political, economic, or cultural figures who are influential in the Western world, often associated with countries in North America and Western Europe.

Sustainable Company

A business that operates in a way that is environmentally responsible, economically viable, and socially equitable over the long term.