Other Things Constant, If the Demand for a Final Product

question 77

Multiple Choice

Other things constant, if the demand for a final product is quite elastic, the demand for a resource used to produce the product will tend to be

• A) highly inelastic.
• B) of unitary elasticity.
• C) a curve sloping upward to the right.
• D) quite elastic as well.

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Definitions:

Default

The failure to fulfill an obligation, especially the failure to make payments on a loan.

Treasurer

An officer in an organization responsible for managing the organization's financial affairs, including the custody and disbursement of funds.

Obligation

A legal or moral duty to do something or refrain from doing something.

Liable

Legally responsible for something, usually resulting in a requirement to compensate for harm or damage caused.