Which of the Following Is Likely to Make Supply More

question 63

Essay

Which of the following is likely to make supply more inelastic?
A.The time period under consideration is very short.
B.The inputs necessary for production cannot readily be increased.
C.The good is necessary for survival (e.g., a life-saving drug).
D.The time period under consideration is very short and the inputs necessary for production cannot readily be increased.

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Definitions:

Honoring

The act of fulfilling or adhering to agreements, commitments, or payments.

Dishonoring

Dishonoring occurs when a promised payment, such as a check or electronic payment, is not completed due to insufficient funds or rejection by the bank.

Note Receivable

A written promise for a specified amount of money to be paid by a debtor at a certain future date.

Principal

The original sum of money borrowed in a loan or the initial amount of investment, excluding any interest or profits.