Changes in the Demand for an Industry's Output Are Felt

question 41

Multiple Choice

Changes in the demand for an industry's output are felt most by those factors that

• A) are inelastically supplied.
• B) are paid the highest factor prices.
• C) earn relatively little economic rent.
• D) have a sizable number of alternative uses.

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Definitions:

Niche-picking

The process by which individuals select environments or experiences that complement their inherited tendencies or skills.

Genetic Tendencies

Inclinations or predispositions for certain traits or behaviors influenced by genes.

Experiences

Events or occurrences that an individual personally goes through, contributing to their knowledge, opinions, or emotions.

Environments

The surroundings or conditions in which a person, animal, or plant lives or operates, including natural, social, and built factors.