Which of the Following Would Cause the Price Elasticity of Demand

question 94

Multiple Choice

Which of the following would cause the price elasticity of demand for a variable input to be greater?

• A) The smaller the price elasticity of demand for the final product
• B) The longer the time period being considered
• C) The smaller the proportion of total costs accounted for by the variable input
• D) The harder it is for a variable input to be substituted for by other inputs

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Definitions:

Generativity

A concern for establishing and guiding the next generation, typically expressed through parenting, teaching, mentoring, and contributing to society for future generations’ well-being.

Personal Fulfillment

A feeling of satisfaction or happiness resulting from fully developing one's abilities or character.

Biopsychosocial Approach

An integrated perspective that considers biological, psychological, and social factors and their complex interactions in understanding health, illness, and healthcare delivery.

Late Adulthood

A stage of human development occurring in the last quarter of life, typically associated with aging and retirement.