A Value of Infinity for the Elasticity of Supply of Some

question 73

Multiple Choice

A value of infinity for the elasticity of supply of some product implies that

• A) no product will be supplied at any price.
• B) the supply curve is vertical.
• C) supply is very unresponsive to price.
• D) the supply curve is horizontal.
• E) the product will be supplied at any price.

Recognize the impacts of reward and punishment on organizational behaviour and performance.

Describe the benefits and processes involved in mentoring relationships within organizations.

Analyze the effectiveness of different reward systems and their influence on cooperation and competition among employees.

Understand how performance management and appraisal systems contribute to organizational effectiveness.

---

Definitions:

Good

A material item or service that can be bought, sold, or traded to satisfy a want or need.

Opportunity Cost

The value of the next best alternative forgone as the result of making a decision.

Optimum

The most favorable condition or level at which the best possible outcome or maximum efficiency is achieved.

Sweater

A knitted garment typically covering the upper body, designed for warmth or fashion.