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:

Numerical Majority

Refers to the larger part of a group or population, representing the greatest number of individuals within the group.

Apartheid

Was a caste system based on race that existed in South Africa from 1948 until 1992. It consigned the large black majority to menial jobs, prevented marriage between blacks and whites, and erected separate public facilities for members of the two races. Asians and people of “mixed race” enjoyed privileges between these two extremes.

Ethnic Label

A term or descriptor applied to individuals or groups based on their ethnicity, often used to emphasize differences rather than similarities.

Social Necessity

The concept that certain conditions, goods, or services are essential for the functioning and well-being of a society.