Inputs Are

question 138

Multiple Choice

Inputs are:

• A) goods that are used together.
• B) goods that are used in place of one another.
• C) goods that you demand more of as your income increases.
• D) goods that you demand less of as your income increases.
• E) resources that firms use in the production of final goods and services.

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Definitions:

Goods and Services

These are the products and activities that are available for purchase by consumers, including tangible items and intangible services.

Labor Supply

The total hours of work that workers are willing and able to provide at a given wage rate in a certain period.

Unit Elastic

Describes a supply or demand curve where a given percentage change in price causes an equal percentage change in the quantity demanded or supplied.

Elasticity of Labor Supply

A measure of how the quantity of labor supplied changes in response to changes in wages or salaries.