When Production of a Good Can Be Expanded Without Significantly

question 221

Multiple Choice

When production of a good can be expanded without significantly increasing the overall demand for its inputs:

• A) supply for this good will tend to be more inelastic.
• B) supply for this good will tend to be more elastic.
• C) price for the good will be constant.
• D) the elasticity of supply of the product will equal the elasticity of supply of the inputs.

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Definitions:

Effective Communication

The exchange of information in a manner where the intended message is successfully delivered, received, and understood by all parties involved.

Failure

The condition or fact of not achieving the desired end or ends, such as missing a target or not meeting a standard.

Leadership

The process of inspiring others to work hard to accomplish important tasks.

Procedure

A rule describing actions that are to be taken in specific situations.