The Demand for a Factor of Production Depends Largely on the

question 142

Multiple Choice

The demand for a factor of production depends largely on the

• A) supply of the factor.
• B) supply of other factors of production.
• C) demand for other factors of production.
• D) demand for the products that it helps to produce.

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Definitions:

More Elastic

Refers to a greater sensitivity or responsiveness of the quantity demanded or supplied to changes in price, indicating a more noticeable shift in consumer or producer behavior in response to price fluctuations.

Senior Citizens

Individuals typically aged 65 and over who may qualify for certain benefits and considerations due to their age.

Bus Service

A form of public transportation that operates with a set schedule and route, providing transportation services to passengers.

More Elastic

Describes a demand or supply curve that shows a greater sensitivity to changes in price; a small change in price results in a larger change in quantity demanded or supplied.