If Not for the Existence of Unique or Essential Factors

question 122

Multiple Choice

If not for the existence of unique or essential factors of production,supply curves would be

• A) highly inelastic.
• B) perfectly inelastic.
• C) highly elastic.
• D) downward-sloping.
• E) vertical.

---

Definitions:

Supplies

Materials or items which are used in the operation of a business or needed in the production process.

Services

Economic activities that are intangible, are not stored, and do not result in ownership transfer from the service provider to the service receiver.

Double-Entry

An accounting principle where every transaction is entered twice, as a debit in one account and a credit in another, to keep the accounting equation balanced.

Accounting Equation

The fundamental principle of accounting that represents the relationship between assets, liabilities, and owner's equity: Assets = Liabilities + Owner's Equity.