The Demand for a Factor Will Be Less Elastic If

question 36

Multiple Choice

The demand for a factor will be less elastic if

• A) marginal physical product decreases slowly as more of the factor is used.
• B) the demand for the good being produced is elastic.
• C) there is a high degree of substitutability between factors.
• D) that factor determines a small percentage of total cost.
• E) the supply of the factor is elastic.

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Definitions:

Plasticity

Refers to the brain's ability to change and adapt as a result of experience.

Big Five Factors

A model that outlines five broad dimensions of personality traits: openness, conscientiousness, extraversion, agreeableness, and neuroticism.

Conscientiousness

A personality trait characterized by diligence, carefulness, thoroughness, and organization.

Job Performance

The effectiveness and efficiency with which an individual fulfills their job duties and responsibilities.