The Most Recognizable Resources That a Firm Uses to Manufacture

question 7

Multiple Choice

The most recognizable resources that a firm uses to manufacture its products,such as raw materials and computing systems,are categorized as _____ resources.

• A) tangible
• B) human
• C) intangible
• D) natural

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Definitions:

Elastic

Describes demand that is highly responsive to changes in price, where a small price change leads to a large change in quantity demanded.

Inelastic

Describes a scenario where the demand or supply of a good or service is not significantly changed when the price of that good or service changes.

Elasticity of Demand

The measure of how much the quantity demanded of a good responds to a change in the price of that good.

Quantities Demanded

The total amount of a good or service that consumers are willing and able to purchase at a given price level.