Consider the Following Demand and Supply Curves in Factor Markets

question 6

Multiple Choice

Consider the following demand and supply curves in factor markets.
FIGURE 13- 5
-The demand for a factor will be more elastic if

• A)the demand for the good being produced is inelastic.
• B)there is little substitutability between factors.
• C)that factor determines a small percentage of total cost.
• D)it is easier to substitute between this factor and others.
• E)the supply of the factor is elastic.

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