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:

Large Samples

An approach in research that involves collecting data from a large number of participants or instances, enhancing the statistical reliability of results.

Statistically Significant

Indicating that the probability of an observed difference or relationship occurring by chance is low, typically below a predefined threshold of significance.

Random Chance

The occurrence of events without any predictable order or pattern, often used to describe outcomes in statistical events or experiments.

Likert Scale

A psychometric scale commonly involved in research that employs questionnaires, used to represent people's attitudes, opinions, or perceptions quantitatively.