Inputs Whose Quantity Is Fixed and Whose Demand Does Not

question 59

Multiple Choice

Inputs whose quantity is fixed and whose demand does not respond to price increases are said to be

• A) elastic in supply.
• B) inelastic in supply.
• C) elastic in demand.
• D) perfectly competitive.

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Definitions:

Dr. And Cr.

Abbreviations for Debit (Dr.) and Credit (Cr.), fundamental concepts in accounting used to record business transactions in the ledger.

Increase And Decrease

Refers to the upward or downward movement in financial metrics, operational quantities, or statistical values.

Balance Of An Account

The amount of money currently in an account, reflecting all credits and debits made.

Account

A record that summarizes all transactions related to a particular item, individual, or entity in the financial statements.