Which of the Following Terms Have the Same Extension

question 160

Multiple Choice

Which of the following terms have the same extension?

• A) Pound of iron, pound of feathers.
• B) Sacramento, capital of California.
• C) North Pole, South Pole.
• D) Pint of water, pint of lemonade.
• E) New York City, Los Angeles.

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Definitions:

Substitute Resources

Alternative resources that can be used in place of another to satisfy consumer demand or production needs, often affecting market competition and prices.

Elastic Demand

A market situation where the quantity demanded of a good or service changes significantly as its price changes.

Short Run

A period during which at least one of a firm's inputs is fixed, limiting its ability to adjust production levels.

Long Run

A period of time in economics sufficient for all markets to adjust to changes, including the production capacity of the industry.