The Derived Demand for a Factor Tends to Be Inelastic

question 39

Multiple Choice

The derived demand for a factor tends to be inelastic if the demand for the product tends to be:

• A)very inelastic.
• B)very elastic.
• C)moderately elastic.
• D)capable of being met by a variety of modes of production.
• E)very capricious and volatile.

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Definitions:

Probability Tree

A diagram that represents the possible outcomes of a series of events, showing the probability of each outcome in a branching format.

Probability Tree

A graphical representation used to illustrate all possible outcomes of a sequence of events and their probabilities.

First Set

In the context of data or series, it is the initial group or sequence under consideration.

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Individuals or entities that have agreed to receive services or communications, typically on a recurring basis.