For a Product with a Constant or Gently Increasing Opportunity

question 342

Multiple Choice

For a product with a constant or gently increasing opportunity cost of producing additional units,as more is produced,we expect that

• A) demand is price elastic.
• B) supply is price elastic.
• C) demand is price inelastic.
• D) supply is price inelastic.
• E) demand is unit elastic.

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Definitions:

Domestic Servants

Workers employed within the household, performing various chores and tasks such as cooking, cleaning, and childcare.

Cotton Kingdom

Cotton-producing region, relying predominantly on slave labor, that spanned from North Carolina west to Louisiana and reached as far north as southern Illinois.

New Orleans

A major city in Louisiana, known for its vibrant music scene, distinct Creole cuisine, and as the annual host of Mardi Gras, a colorful and festive carnival.

Elite Planter Class

A social and economic class prominent in the antebellum South, composed of wealthy landowners who held numerous enslaved people to work on large agricultural plantations.