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:

Legal Title

A formal recognition or designation that establishes ownership or an official position within a legal framework.

Preliminary Emancipation Proclamation

An executive order issued by President Abraham Lincoln in 1862 during the American Civil War that declared the freedom of all enslaved people in Confederate-held territory starting January 1, 1863.

Union Victory

The success of the United States (the Union) over the Confederate States in the American Civil War, leading to the preservation of the Union and the abolition of slavery.

Antietam

The site of a decisive battle during the American Civil War in September 1862, known as the bloodiest single-day battle in American history.