If Capital Cannot Easily Be Substituted for Labor, Then the Elasticity

question 12

Multiple Choice

If capital cannot easily be substituted for labor, then the elasticity of substitution is:

• A)negative.
• B)close to zero.
• C)close to one.
• D)approaching infinity.

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Definitions:

Circadian Rhythm

Circadian rhythm refers to the natural, internal process that regulates the sleep-wake cycle and repeats roughly every 24 hours.

Long-Term Change

A significant modification or transformation that occurs over an extended period, impacting environments, societies, or biological evolution.

Learning

The process by which knowledge or skills are acquired as a result of experience; a change in the behavior of an animal that results from experience.

Experience

The knowledge or skill acquired through involvement in or exposure to events.