Many Manufactured Goods Have an ________ Supply If Production Plans

question 69

Multiple Choice

Many manufactured goods have an ________ supply if production plans have only a short period to change and, as time passes and all production adjustments are made, the supply of the good ________ from the initial response.

• A) inelastic; decreases
• B) elastic; increases
• C) inelastic; does not change
• D) elastic; decreases
• E) inelastic; increases

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Definitions:

Senate

A legislative body in various political systems, often the upper house in a bicameral legislature, responsible for making laws, decisions, and usually representing territorial entities.

Republicanism

A political ideology centered on citizenship in a state organized as a republic under which the people hold popular sovereignty.

Social Equality

The condition in which all individuals within a society have the same status in certain respects, including civil rights, freedom of speech, property rights, and equal access to social goods and services.

Slave Society

A society in which the institution of slavery impacts all aspects of life, where the economy and laws are structured around the principle of enslaving certain individuals to provide labor.