The Elasticity of Resource Demand Will Be Greater the

question 229

Multiple Choice

The elasticity of resource demand will be greater the

• A)smaller the portion of the product's total costs accounted for by the resource.
• B)less the elasticity of demand for the product it is producing.
• C)easier it is to substitute other resources in production.
• D)less the elasticity of resource supply.

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Definitions:

Accept the Offer

The act of agreeing to the terms and conditions of a proposal, such as a contract, thereby creating a binding agreement between the parties involved.

Revoked

To officially cancel or annul an authorization, license, or legal agreement.

Unequivocal

Leaving no doubt; unambiguous or clear in expression or meaning.

Timely Basis

The act of completing or delivering something within an expected or appropriate time frame.