A Change in a Factor's Price Will Have a Greater

question 74

Multiple Choice

A change in a factor's price will have a greater effect on the quantity of the factor demanded the

• A)smaller the change in the factor's price.
• B)smaller the factor's share of total cost of production.
• C)more elastic is the demand for the product the factor helps to make.
• D)more inelastic is the demand for the product the factor helps to make.

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Definitions:

Eminent Domain

The right of a government to expropriate private property for public use, with compensation.

Fair Market Value

An estimate of the market value of a property, based on what a knowledgeable, willing, and unpressured buyer would likely pay to a knowledgeable, willing, and unpressured seller in the market.

Androcentric

Centered or focused on men, often to the exclusion or marginalization of women and their perspectives.

Objectified

Treated as an object or commodity, often reducing a person to their physical attributes or utility rather than recognizing their humanity and individuality.