In the World View on Gold Prices and Gold Mining

question 72

Multiple Choice

In the World View on gold prices and gold mining,

• A) As the price of gold rises, the quantity supplied falls.
• B) As the price of gold increases, there is an increase in quantity supplied, indicating that supply is elastic.
• C) Miners around the world have had difficulty finding additional sources of gold, indicating that the elasticity of supply is inelastic.
• D) Miners have found new supplies of gold, indicating that the demand for gold is inelastic.

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Definitions:

Factor of Production

Economic resources used in the process of producing goods or services, typically categorized into land, labor, capital, and entrepreneurship.

Natural Resources

Natural resources are materials or substances that occur in nature and can be used for economic gain, such as forests, minerals, water, and land.