When It Comes to the Supply Curve of Janitors and Accountants

question 81

Multiple Choice

When it comes to the supply curve of janitors and accountants,

• A)the supply curve of janitors is more elastic.
• B)the supply curve of accountants is more elastic.
• C)both supply curves are equally elastic.
• D)More information is needed.

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Definitions:

Economic Systems

The methods and principles societies use to allocate scarce resources and distribute goods and services, including capitalism, socialism, and communism among others.

Command Economic System

In this type of economic structure, a central government or authority is responsible for making decisions about how goods and services are produced and distributed.

Goods And Services

Physical products and intangible activities that fulfill the needs or wants of consumers, forming the basis of all economic activity.

Production Possibilities Curve

A graphical representation that shows the different combinations of two goods or services that can be produced within a given resource constraint.