Which Resource Has the Least Elastic Supply

question 22

Multiple Choice

Which resource has the least elastic supply?

• A) labor
• B) capital
• C) land
• D) money
• E) taxes

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Definitions:

Probable Loss

A loss in financial terms that is likely to occur based on current information and judgment.

Reasonably Possible

A term used in accounting to describe a condition that could occur, affecting financial decisions or disclosures, based on current knowledge and events.

Note Disclosure

Additional information provided in a company's financial statements, explaining the numbers presented in the statements for clarity and completeness.

Contingent Liability

A potential financial obligation that may arise in the future, depending on the outcome of a certain event.