Which of the Following Explains Why Local Supply Tends to Be

question 22

Multiple Choice

Which of the following explains why local supply tends to be more elastic than global supply?

• A) As price increases in a certain locale, it is often costly to transport more goods to that particular area, and hence supply is more elastic.
• B) Local suppliers are small in relation to the global market.
• C) The statement is false; local supply tends to be less elastic than global supply.
• D) As price increases in a certain locale, goods can be brought in from other areas, which is not possible on a global scale.

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Definitions:

Set Cell Values

The action of assigning or updating data in a specific cell within a spreadsheet or database.

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Variables in optimization or decision problems that are controlled directly to determine the outcome of interest.

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A simplified representation or simulation of a system or phenomenon, often used to analyze behavior or make predictions.

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