A Resource Is Valuable If It Is Rare, Hard to Imitate

question 6

Multiple Choice

A resource is valuable if it is rare, hard to imitate, or

• A) expensive.
• B) inexpensive.
• C) easily substitutable.
• D) not easily substitutable.
• E) inefficient.

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Definitions:

Measurable Factors

Factors that can be quantified or measured directly, often used in analysis or research to assess impacts or outcomes.

Variation In Wages

The differences in pay received by employees due to factors like experience, education, and location.

Ability

The possession of the means or skill to do something; often considered in economic terms as related to productivity and employment.

Effort

The use of physical or mental energy to accomplish a task or achieve a goal.