In the Short Run, the Supply of a Resource Will

question 22

Multiple Choice

In the short run, the supply of a resource will generally be

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

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Definitions:

Trend Analysis

The practice of collecting information and attempting to spot a pattern, often used in financial markets, business strategy, and research.

SWOT Analysis

A strategic planning tool used to identify an organization's Strengths, Weaknesses, Opportunities, and Threats.

Opportunities

Circumstances or situations that present potential for growth, improvement, or benefit, often requiring timely action to capitalize on them.

Grand Strategy

A comprehensive, long-term plan of essential actions by which an organization seeks to achieve its major objectives.