The More Inelastic the Demand for a Resource, the

question 27

Multiple Choice

The more inelastic the demand for a resource, the

• A)less elastic its marginal revenue product curve.
• B)more elastic its marginal revenue product curve.
• C)greater the potential for resource substitution.
• D)greater the productivity of the resource.

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Definitions:

Request

The act of politely or formally asking for something.

Promissory Estoppel

The principle that when a gratuitous promise to do something in the future causes a person who relies on that promise to incur an expense, the promisor will not be allowed to enforce other contractual rights that are inconsistent with that promise; the promise can only be used as a defense by the promisee; also known as equitable estoppel.

Discharged

The state of being released from an obligation, duty, or debt, often legally or officially.

Agreement

A mutual understanding or arrangement between two or more parties, often formalized by a contract, regarding their rights and responsibilities.