Generally, the Supply of a Resource in the Short Run

question 90

Multiple Choice

Generally, the supply of a resource in the short run will be

• A) more elastic than in the long run.
• B) less elastic than in the long run.
• C) equally elastic as the supply of the resource in the long run.
• D) directly related to the elasticity of demand for the product that the resource helps produce.

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Definitions:

Partner

A person who operates a business jointly with one or more other persons. Each partner is a co-owner of the business firm.

Shareholder

One who has an ownership interest in a corporation through the purchase of corporate shares or stock.

Managing Partner

A member of a partnership who has been designated the responsibility for managing the day-to-day operations of the business.

Legal Advice

Guidance provided by a qualified legal professional regarding the law as it pertains to a specific situation or decision.